Cherkizovo increased revenue by 20.1% in the first half of the year
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Cherkizovo Group for the first six months increased revenue by 20.1% year-on-year, to 88.9 billion rubles. Net profit decreased by 48.9% to RUB 6.9 billion. Adjusted net profit increased by 17.5% to RUB 6.3 billion, follows from reportingpublished on the company’s website.
Gross profit “Cherkizovo” decreased by 20.6%, to 19.2 billion rubles. The company attributed the reduction in this indicator to an increase in the cost of raw materials, as well as a decrease in the cost of biological assets. Gross profit margin decreased to 21.5%. Adjusted EBITDA increased by 12.1% to RUB 12.4 billion.
Operating expenses of Cherkizovo increased by 25.7% to 11.3 billion rubles. This figure rose due to increased labor and transportation costs, as well as higher material prices. The share of operating expenses in revenue increased to 12.7%. Net debt increased by 31.5% to RUB 94.4 billion, total debt by 20.9% to RUB 98.3 billion.
In August, the Cherkizovo Group opened an oil extraction plant in the Yeletsprom Special Economic Zone in the Lipetsk Region for 10 billion rubles. The enterprise is capable of processing 1 million tons of soybeans per year into meal, oil and lecithin. According to Sergey Mikhailov, CEO of the group, all beans are produced in Russia, and in the future the country will be able to take its place among the largest producers: the USA, Argentina and Brazil.
Details – in the material “Kommersant-Chernozemye” “Didn’t stay on the beans”.
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