Winemaker Purcari’s profit margin remains robust at 19% in 2022

Purcari Wineries, the CEE’s leading wine producer with its core business listed at Bucharest Exchange (BVB: WINE), announced group revenue rose 22% YoY to RON 302.5 mln (EUR 60 mln), with the core business reaching sales of RON 281.1 mln, +18% YoY, according to the preliminary unaudited financial results for 2022.

“It has been a strong year for Purcari, despite the difficult macroeconomic backdrop. We have largely exceeded our guidance for the year in terms of both revenue growth and margin levels. We maintain a strong balance sheet and are well prepared to take advantage of the opportunities out there to consolidate our market position; we are looking optimistically into 2023,” said Victor Bostan, CEO of Purcari Wineries PLC.

The Group has booked an IFRS net profit of RON 57.2 mln in 2022 (+12% YoY), but only RON 43.2 mln (-5% YoY) if adjusted for one-off operations. The profit margin eased slightly from 21% in 2021 to 19% in 2022.

In Q4 2022, the Group revenue growth accelerated to +26%, while WINE revenue was up 31%.

The adjusted EBITDA, normalized for the one-off gain recognized per IFRS in conjunction with the purchase of a 76% stake in Angel’s Estate, reached RON 81.5 mln, up 8% YoY and corresponding to a normalized EBITDA margin of 27%.

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