Russian agricultural giant doubles profits

By Vladislav Vorotnikov

- Last updated on GMT

Related tags Meat

Miratorg Company, one of Russia’s largest meat producers, has almost doubled its profits over the past year.

The company reported that net income for the first half of 2012 was RUB5.1bn (US$170m), which is nearly twice that achieved in the same period last year.

EBITDA for the first six months of 2012 reached RUB6.69bn (US$223m), while revenue was estimated at RUB20.97bn (US$699m), which is a 15% increase on the same period of the last year. The capital of the company grew by 32% to RUB21.1bn (US$700m).

Miratorg said the profit growth was primarily associated with an increase in production volumes. By the end of the first half of 2012, pork production amounted to 122,400 tonnes, which is 66% higher than during the same period last year. The company said this was possibly due to the commissioning of new pig farms and an increase in the company’s livestock numbers.

“In the second half of the year, the company will continue to increase its production capacity, in particular with the planned commissioning of two feed mills in the Belgorod and Bryansk regions, a new enterprise for the production of semi-finished products in the Kaliningrad region, and a number of new [beef production] facilities as part of a project in the Bryansk region,” said Vadim Kotenko, deputy president of finance for Miratorg.

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