Rusagro’s revenue in the third quarter increased by 35% – Kommersant

Rusagro’s revenue in the third quarter amounted to 78.176 billion rubles. (before inter-segment eliminations), which is 35% more year-on-year, follows from the company’s reporting. Revenue from the agricultural business increased 2.1 times, to 12.23 billion rubles, sugar – by 26%, to 13.315 billion rubles, meat – by 16%, to 12.914 billion rubles, oil and fats – decreased by 18%, to RUB 24.745 billion

“The significant increase in revenue is due to both the consolidation of the NMZhK group of companies (+14,971 million rubles) and, to a large extent, an increase in sales volumes in the agricultural business against the backdrop of a rising dollar/ruble exchange rate. Revenue growth was also influenced by positive price dynamics in the sugar and pork markets,” says the press release (.pdf).

The sales volume of grain crops amounted to 436 thousand tons, which is 3.5 times more than a year earlier. Wheat sales increased mainly, to 381 thousand tons. Pork production during the reporting period amounted to 79 thousand tons, which is 7% less than in the same period last year. The company explained this by an outbreak of African swine fever in the Primorsky Territory.

At the end of nine months, Rusagro’s revenue decreased by 1%, to 187.757 billion rubles. From January to September, the group sold 721 thousand tons of grain crops, which is 1.7 times more than a year earlier. Wheat sales almost doubled, to 575 thousand tons. Net profit of Rusagro for this period amounted to RUB 412 million, which is 42% less than for the same period in 2022.

The Rusagro Group is the largest vertical agricultural holding in Russia, with a land bank of 668 thousand hectares. In October the company reported, which plans to introduce a domestic agricultural production management system based on the “Field History” cloud service to replace the foreign solution Cropwise. The cost of the project is estimated at 670 million rubles, the timing of its completion has not been specified.

Laura Keffer