June 19, 2024

MHP's net profit dropped in Q1

Ukraine's MHP Agroholding achieved $16 million in net profit in the first quarter of 2024, less than a third of the result from the same period in 2023 ($49 million), according to a report from the London Stock Exchange.

The report indicates that the company's turnover in January-March this year decreased by 4% to $719 million, in particular for exports, which fell by 2.6%, to $453 million (63% of total turnover). Additionally, MHP's first quarter of expenses related to the war in Ukraine amounted to $10 million compared to $6 million in the first quarter of last year.

As a result of artillery attacks on May 17 in the Odesa region, a warehouse rented by the company for storing frozen chicken products was destroyed, resulting in losses of $8 million.

The company has purchased alternative power sources to maintain uninterrupted production in the event of power outages.

- Ukraine Business News