May 24, 2012

Ukraine poultry producer MHP's Q1 net profit up 143%

Ukrainian poultry producer, MHP have increased net profits by 143% in the first quarter this year, with a value of US$48 million.


Revenue rose by 21% to US$298 million and EBITDA reached 48% or US$84 million.


The company's sales in January-March 2012 increased by 21% to US$297.6 million. The gross profit in the January-March increased by 40% over the same period of the last year, up to US$78 million, operating up to 60%, to US$66.7 million.


Sales volumes of chicken to third parties increased by 1% to 85.04 thousand tonnes, up from 84.30 thousand tonnes in 2011. Average sales price of chicken meat to third parties increased by 31% to US$ 2.09 per kilogram compared to first quarter of 2011 and remained almost at Q4's 2011 levels. Exports of chicken meat increased in the first quarter of 2012 by almost 70% compared to Q1 of 2010 and amounted to 12% of total sales.


"We began a 2012 with a strong start. Once again, we have high rates of profit and growth in EBITDA, therefore we hold a leading position in the market," Yuri Kosyku, MHP chairman said, commenting on the result.


"Looking to the future, I want to note that the demand for our products remains high, and the Ukrainian market - is favourable for our business. Therefore, we are confident that we can continue to implement our strategy and to demonstrate strong financial results," he added.