Cherkizovo Group said it delivered a “very solid performance” in 2012, with sales and profits up in the period.

Net income in the 12 month period soared 75% to reach US$225.2m, the Russian meat giant reported today (13 March). EBITDA increased 29% to $314m.

The company said it delivered impressive results in its poultry division where sales increased by 22%, supplying half of group revenue and more than half of profits. Group sales were up 7% to $1.58bn.

CEO Sergey Mikhailov said management is “optimistic” about the group’s business prospects, despite a “challenging” 2013 outlook for grain and pork prices, which he said is expected to negatively impact its 2013 performance.

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