“Romanian agriculture suffered a series of shocks in 2012. A harsh winter followed by a dry summer, macroeconomic instability and major volatility of cereal prices have affected the agribusiness sector. The Agricover group posted growth despite these problems. We will continue to consolidate partnerships with farmers and processors to support Romanian agriculture and food industry,” company general manager Robert Arsene said in a press release.
The rise in turnover was driven by performance on recently founded business lines, as well as its distribution unit. The group’s livestock trade unit and financing unit also contributed to last year’s earnings.
The Agricover group, owned by Azeri-born businessman Jabbar Kanani, has over 600 employees and includes Agricover Distribuție, Agricover Cereale, Agricover Produse speciale, Agricover Silozuri, Agricover Logistica, Agricover Credit IFN, Agricover Livestock, AgroAdvice, and Bulgarian unit Agricover Bulgaria.
Agricover plans to continue investing this year, after it pumped over EUR2 million last year into a silo and warehouse in western Romania, and over EUR300,000 in upgrading laboratories in its silos.
The group recently developed an online trading platform for agriculture and gardening products under the brand Covera.
“We are optimistic about 2013, and we expect a normal agricultural year, less volatility in prices of farming products, and improved balance between supply and demand,” said Arsene.
Agricover works with over 3,500 farmers and around 110 food processors in Romania and Bulgaria. (EUR1=RON4.4143)