Luxembourg, 25 March 2022: Agri Resources Group S.A., a subsidiary of Monaco Resources Group S.A.M. and an international specialist in the sustainable cultivation and processing of agricultural products in Africa and Europe, today issues Preliminary Full Year Results for the period to 31 December 2021.
The group is pleased to report that, based on preliminary figures, it increased its key revenue and earnings figures in the fiscal year 2021 despite the ongoing COVID-19 restrictions and supply chain disruptions:
- Revenues increased more than 26% to EUR 25.7 million (2020: EUR 20.3 million).
- EBITDA rose by 46% to EUR 4.1 million (2020: EUR 2.8 million).
- Consolidated equity amounted to EUR 145.0 million (31.12.2020: EUR 151.3 million), which corresponds to a consolidated equity ratio of 69% (31.12.2020: 80%) on a consolidated balance sheet total of EUR 211.2 million (31.12.2020: EUR 189.5 million).
- Cash and cash equivalents amounted to EUR 18.3 million (2020: EUR 0.9 million).
In 2021, the group continued its positive business development with the launch of its first retail brand of vanilla and spices (“Cinq Frères”), the expansion of activities in West Africa (cultivation and processing of rice) as well as the sourcing and sales of niche products with high added value from the region. Agri Resources Congo has successfully contributed to the creation of a new local supply chain for fresh vegetables, including post-harvesting storage and logistics. Additionally, Agri Resources Madagascar capitalised on additional volumes with its new Fairtrade certification. In Ghana, the group continued its successful development with the creation of a dam and the further development of soybean commercial agreements.
Frédéric Dalmasie, CEO of Agri Resources Group, said:
“We have made significant progress on strategic projects in the Indian Ocean and in West Africa despite the continued impact of COVID-19. The additional investments facilitated by the successful issuance of our Sustainability Bond in March 2021 position us well for our next phase of growth. We would like to thank all our employees, clients and stakeholders for their outstanding contribution and support.”
James Keane, Group Executive Vice President of Monaco Resources Group, said:
“We are delighted with the successes Agri Resources Group achieved in 2021 against a challenging operational backdrop. The company’s role as a cultivator of fast-growing crops, supplying local and international markets, continues to grow in importance as the world seeks to feed an ever-growing population in a sustainable way.”
The audited consolidated financial statements 2021 are expected to be published on the company’s website at www.agri-resources.com/bond by the end of April 2022.
About Agri Resources Group S.A.:
Agri Resources Group S.A. (“Agri Resources”) is an international group whose core business includes the cultivation, sourcing, processing, marketing, and marketing of agricultural products. Agri Resources companies participate in food and ingredient value chains in European and African markets, as well as serving international blue-chip customers in the food and cosmetics industries. The group’s divisions are crops, fruits & vegetables and vanilla & spices. The 2021/2026 bond (ISIN: DE000A287088) is traded on the Open Market of the Frankfurt Stock Exchange.