Ukrainian meat producer MHP posted a 35% increase in net income during the second quarter, which it attributed partially to foreign currency gains, as well as volume gains in chicken meat sales.
The firm posted UAH537m (US$68m) in earnings, up from UAH390m in the same period of 2009.
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Revenue grew 36% to UAH1.76bn, while EBIDA grew 11% on the same quarter of the previous year to reach UAH662m.
In the first half, net income grew 18% to UAH812m, while revenue increased 44% across the half to UAH3.36bn.
The company said consumer demand for chicken remained high and that all of its production facilities continued to operate at full capacity.
It added that, despite unfavourable weather conditions during July and August, its harvest of early grains is good. While yields are weaker than last year, they are still significantly higher than Ukraine’s average, the company said.
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By GlobalData“Contrary to other meat producers, MHP is insulated from the rising grain price due to the vertically integrated business model, and therefore benefits from grain growing operations. Due to the high grain prices, prices for all kinds of meat will start growing in the forthcoming months,” said CEO Yuriy Kosiuk.
