Agrofert Sees Revenue And Profits Surge

agrofert andrej babis

Agrofert’s consolidated profits nearly tripled year-on-year, to CZK 4.48 billion, compared to CZK 1.67 billion the previous year. Consolidated revenues grew by 4.54 billion to 162 billion crowns last year. The group’s performance improved thanks to growth in its chemical segment.

The Agrofert Group is the largest company in the Czech agriculture and food industries. It is number two in the chemical industry and a significant player in forestry and the media. In 2019 the group employed over 33,000 people, 22,000 of which are in the Czech Republic.

The group’s pre-tax profit last year was 5.94 billion crowns, non-consolidated revenues previous year reached CZK 233.2 billion. “At the same time, the Group’s indebtedness to banks was reduced by CZK 4,144 million to the current value of loan liabilities of CZK 39,717 million,” the spokesman said.

“In terms of new acquisitions, 2019 was quiet”, the spokesman said. The most significant purchase was the merger with United Bakeries completed last year. Since January this year, a new bakery company PEK Group has been operating under the group. Due to the Office’s Decision for the Protection of Competition, the holding company must sell it by the end of June this year.

The European Commission halted subsidy payments of CZK 1.6 billion to Agrofert after finding Prime Minister Andrej Babis still controls the company and therefore is in a conflict of interest.