Rusagro’s net profit under IFRS for the first quarter increased by 176% – Kommersant
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According to the results of the first quarter, the net profit of the Rusagro group under IFRS increased by 176% year-on-year, to 5.417 billion rubles. or $ 74 million. Revenue at the same time decreased by 23%, to 47.395 billion rubles, follows from the report (.pdf) companies.
Rusagro’s quarterly adjusted EBITDA fell by 56% year-on-year to RUB 7.139 billion. The EBITDA margin fell 11 percentage points to 15%. According to the group’s CEO Timur Lipatov, adjusted EBITDA declined “under the pressure of lower realized prices.”
“In the first quarter of 2023, Rusagro’s revenue decreased in all divisions, except for the meat division, mainly due to a decrease in sales prices amid falling world prices for products and the dollar/ruble exchange rate from the high level of the first quarter of 2022, as well as the postponement of sales agricultural products due to late harvesting terms,” said Mr. Lipatov.
As Kommersant reported, Rusagro is investing in a new terminal for the export of vegetable oils on the Black Sea. It is expected that this project will allow the group to reduce logistics costs and expand deliveries to major markets.
Details – in the material “Kommersant” “Rusagro” goes to the sea”.
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