Ukrainian agro-industrial company MHP saw its third quarter net profit jump on the back of increased chicken and sunflower oil production volumes.
The company saw net income from continuing operations increase by 330% to UAH441m (US$56m) for the third quarter ended 30 September. However, it said it was impacted negatively by foreign exchange rates, recording a $320,000 currency loss in the third quarter.
For the quarter, revenue grew 29% to UAH2bn, while gross profit was up 43% to UAH783m.
The company said the price of chicken increased 12% year-on-year to UAH14.05 per kg of adjusted weight, primarily due to the global increase in grain prices.
MHP CEO Yuriy Kosiuk said: “We are pleased with MHP’s third quarter performance, which demonstratesstrong year-on-year growth and the continued improvement in our key financial metrics driven by the performance of our poultry business. The current market conditions show how beneficial MHP’s business model of vertical integration is, as it ensures stable profitability despite the fluctuations in grain prices.”
See the full earnings release here.