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Zarneni Hrani Bulgaria To Open Biodiesel Plant Next Month
Zarneni Hrani Bulgaria will open a biodiesel plant in Provadia next month, executive director Georgi Kostov told shareholders today.“We expect our H1 profit to come to 2.5 mln leva (1.27 mln euros), but we must take into account the seasonal nature of our business – the second half of the year is usually a stronger period for us,” he also said.
“In the next several months we will be focusing entirely on the new plant. During H1 Zarneni Hrani Bulgaria acquired a grain warehouse in Nova Zagira and a mill complex. The company is planning to work in cooperation with a leading international company in its biodiesel business,” he added.
This year Zareni Hrani Bulgaria plans to invest 36 mln leva. Planned investments for the next years are as follows: 53 mln leva in 2009, 43 mln leva in 2010, and 3 mln leva in 2011 and 2012 each. That means a total of 138 mln leva (70 mln euros) in the five years to come.
The company's second biodiesel project will be the most expensive (100 mln leva).
This year's revenues are seen at 285 mln leva (145 mln euros) and profit is expected to reach 21.7 mln leva (11 mln euros). The prognoses for the following two years are as follows: sales at 446 mln leva and profit at 31.2 mln leva in 2009 and sales at 598 mln leva and profit at 42.6 mln leva in 2010.
The company's aims at achieving a 10% market share in the purchasing of grains, a 33% share in the purchasing of oil-bearing seeds, a 33% share in the sales of vegetable oils and a 66% share in biodiesel sales.
At a general meeting today, shareholders decided to add 2007 income (11.843 mln leva, 6.05 mln euros) to Reserves.
14,397 shares changed hands today at prices between 2.38 and 2.50 leva.
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