September 1, 2011
Avangard posts 35% income increase
Avangard, Ukraine's major producer of shell eggs and egg products, has reported positive financial results for the first six months of the year ending June 30, 2011.
The company increased revenue by 35% to US$223.9 million from US$165.9 million in the same period last year. Net profit increased by 8% to US$67 million up from US$61.9 million.
Total shell eggs output increased by 51% to 2,875 million eggs and poultry flocks increased by 31% to 24.4 million birds up from 18.6 million in 2010.
The construction of the Avangard's Avis and Chornobaivske egg production complexes is progressing well and on schedule. On July 7, 2011 the official opening ceremony of the first stage of facilities for laying hens at the Avis egg production complex took place.
"I am very pleased to be able to report another very successful half, with revenue and profit growth, increased production volumes and an increased poultry flock," said Nataliya Vasylyuk, Chief Executive Officer of the Company. "The period was also marked by more penetration into modern retail chains and diversifying further the markets to which we export, in line with our strategy of developing our customer base."
"We expect the average price for shell eggs in Ukraine will continue to increase in the second half of the year, as will consumption levels as chicken eggs continue to be the cheapest source of animal protein. Looking further out, our capacity expansion projects are making good progress. We remain confident that we will continue to drive organic growth in the second half and we expect to deliver strong financial results for the full year," Vasylyuk added.