Romanian Agricover Group’s turnover up 48% in 2011, beating initial target

Romanian agribusiness company Agricover Group reported a turnover of some EUR 217 million (RON 920 million) in 2011, up 48 percent over the previous year. According to Robert Arsene, executive manager Agricover Group, the increase was above the company’s initial estimates for 2011. The company’s EBITDA profit exceeded EUR 10 million (RON 44 million), a year-on-year increase of 40 percent. Grain and oil trade represented 55 percent of the group’s total turnover, with a 21 percent increase in sold quantity in 2011, compared to 2010, while the distribution and sale of certified seeds, fertilizers, pesticides and oil reported revenues up 50 percent. Founded in 2000 by a merger between SC Comcereal SA Buzau and Ulvex SA, Agricover Group is a provider of solutions for agriculture. The group is owned by Jabbar Kanani. Irina Popescu, irina.popescu@romania-insider.com