BVB-listed Purcari Wineries boasts strong profit, good harvest
Purcari Wineries Group (BVB: WINE), the CEE’s leading wine producer, announced its January-September revenues rose by 26% y/y to RON 253 million (over EUR 50 million). Its market capitalisation was RON 533 million (over EUR 160 million) on November 14.
The group announced that it has exceeded the ranges of initially announced guidance for the full year 2023. With crucial Q4 ahead, which is seasonally most important, the company prudently updates the guidance to the top of the initially announced range or slightly above it.
In 3Q, the group saw a gradual improvement in margins, following a period of strong cost pressures, with EBITDA and Net Income margins reaching 30% and 20%, respectively, while maintaining a robust revenue growth of 20%.
Encouragingly, the company yielded a strong harvest of 14,800 tonnes, the highest since listing, and processed a total of 22,800 tonnes of grapes from third parties whilst benefiting from a slightly improved price environment compared to the last year.
Purcari Wineries posted the fourth-best performance among BVB’s blue chips, with a 56% YTD increase and dividends disbursed at a 6% yield calculated on the announcement date.
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