2023 was a challenging year for agriculture. At the beginning of the season, the price level of raw materials (mainly mineral fertilizers) remained very high, while at the end of the season, global markets began to sort out and grain prices fell almost to the level of 2022. A number of factors related to the weather – drought in spring, thunderstorms and large-grain hail in summer – had a negative impact on yields. As a result, the season in grain farming was relatively unsuccessful and, accordingly, in the second half of the year, the demand for funding increased significantly. The year for AgroCredit Latvia is generally positive. Customers were generally able to meet their obligations even in such challenging circumstances, but some customers also had to defer certain payments. In the conditions of the growth of the overall market, the company managed to significantly increase the volumes of sales and loans issued. During the year, we also managed to develop IT systems that allow to increase the efficiency of employees and provide more convenient services to customers and cooperation partners. In 2024, the company plans to grow more moderately, continuing to provide various types of financial services to farmers and looking for new sources of financial resources to ensure the growth of the loan portfolio.

         Ģirts Vinters
         Chairman of the Board
         Phone +371 29445225
         girts.vinters@agrocredit.lv