Sojaprotein AD (SJPT), the biggest soy bean processor in the Balkans, said its net income in the first nine months increased 15 percent as sales expanded with higher value products.
The Novi Becej, Serbia-based company reported the net income of 1 billion dinars ($12.1 million), compared with 925 million dinars a year earlier, based on a 25 percent increase in sales to 10.85 billion dinars, according to a filing to the Belgrade Stock Exchange. Operating costs rose by 15 percent to 9.16 billion dinars, as drought led to higher soy bean prices.
The company “increased sales as well as profitability, due to new products such as soy protein concentrates,” said Milos Bijanic, an analyst at the Belgrade-based brokerage Sinteza Invest Group. Sojaprotein, controlled by Victoria Group AD, opened a concentrates production unit in the third quarter, with annual output of as much as 70,000 tons, based on the processing capacity of as much as 250,000 tons of soy beans a year.
Investments more than doubled Sojaprotein’s long-term liabilities to 6.2 billion dinars, while short-term liabilities decreased 12 percent to 2.6 billion dinars.
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