Profit statements

Moldovan edible oil producer Floarea Soarelui’s net profit soars in first half

CHISINAU, Moldova, September 5 (SeeNews) – Edible oil producer Floarea Soarelui, part of the Moldovan group Trans Oil, said its net profit increased eightfold to 641 million lei (32.8 million dollars/33.1 million euros) in the first six months of 2022, compared to 79.7 million lei for the same period of 2021.

The company’s shareholders voted not to pay a dividend and to allocate the profits to the company’s development, Floarea Soarelu said in a financial statement posted on its website last week.

Floarea Soarelui’s revenues climbed to 4.74 billion lei in the first six months of 2022, compared to 694 million lei in the same period of 2021.

During the period January-June, the company processed more than 195,300 tons of sunflower seeds, compared to 39,400 tons in the same period of 2021. In addition, Floarea Soarelui produced more than 87,100 tons of sunflower oil and 77,600 tonnes of meal used mainly as fodder.

Nearly 90% of all production was exported, according to the company.

With the plant having a total processing capacity of 370,000 tonnes of sunflower seeds per year, the company is working on a production plan of at least 366,000 tonnes over the 2022-2023 season.

The main production facilities of Floarea Soarelui are located in the northern city of Balti. The company has four main divisions: seed storage, oil production, refining and bottling.

The company has 540 employees.

In 2021, the company processed 161,300 tonnes of sunflower seeds, down 32.8% from 2020, according to data published on its website.

Its parent group, Trans Oil, operates across the entire agricultural value chain – from farming, grain handling, storage and trading to wheat flour production, oilseed crushing and bottling oil.

(1 euro = 19.3635 lei)