RUSSIA: Cherkizovo sales up one-quarter
Russian meat processor Cherkizovo Group today (14 March) revealed that its "solid" 2011 profit growth was driven by a jump in revenues, which increased by almost one-quarter in the year.
Sales during the 12 months to end-December were boosted by Cherkizovo's acquisition of poultry firm Mosselprom and organic expansion, the company said. Revenues gained 24% in the period, climbing to US$1.47bn.
Adjusted EBITDA rose 12% to $245.5m, up from $218.5m in the previous year. EBITDA margins slipped slightly, dipping to 17% from 18% in 2010.
Commenting on the result, chief executive Sergey Mikhailov said the profit gains were achieved despite a "very challenging operating environment" with extreme weather conditions resulting in a steep increase in grain prices.
"The company benefited from important and timely government measures in 2011 to support poultry and pork producers through subsidies and action in the grain market," Mikhailov said.
Russian meat group Cherkizovo has invested US$137m in agricultural assets as the company looks to strengthen its vertically integrated production model....
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