Land’Or has just published its annual financial statements for the year ending December 31, 2019.
These statements show a net profit of 3.6 million dinars, compared to 5.9 million in 2018, down 38%.
The company achieved last year a turnover of 109 million dinars, compared to 109.6 million at the end of December 2018.
The local turnover went up from 67 million dinars to 79 million while the export turnover decreased from 42.6 million dinars to 30 million dinars between 2018 and 2019, mainly affected by the situation in Libya.
As for operating expenses, they grew 3.8 million dinars from 98.6 million in 2018 to 102.4 million at the end of last December, including 73.8 million in purchases consumed and 9.2 million in personnel expenses.
As a result, the Operating Result is down 36% to 7.5 million dinars compared to 11.6 million dinars in 2018.
The net financial charges amounted to 4.3 million dinars, compared to 4.2 million dinars a year earlier.
The year 2019 saw the completion of the two operations to increase Land’Or’s share capital: the first increase for an amount of 37.6 million dinars and the second increase for an amount of 15 million dinars reserved for MPEFIV.
In addition, the company has participated in the capital of “Land’Or Maroc Industries” for an amount of €1.282 million and this, as part of the project of industrial implementation in Morocco.