MHP Agroholding ended the quarter with a net profit of $49 mln
The good financial results are attributed to high demand, positive price dynamics, and minimal interruption in production
MHP Agroholding, the largest poultry producer in Ukraine, reported a net profit of $49.07 mln for the first quarter of 2023, whereas the same period last year concluded with a net loss of $108.25 mln.
This information is contained in the quarterly report of the agroholding on the London Stock Exchange, Interfax-Ukraine reports.
MHP's revenue increased by 34.7% to $745.60 mln, gross profit by 60.8% to $143.56 mln, and operating profit by 9.7 times to $83.99 mln.
According to the report, MHP's EBITDA in the first quarter of this year was $124 mln compared to $50 mln in the first and $138 mln in the fourth quarter of the previous year.
"MHP reports good operational and financial results for the first quarter of 2023 due to high demand, positive price dynamics, and minimal production interruptions as a result of the huge volume of work performed by the MHP team since the beginning of the war," the document emphasises.
The company notes that the operational and financial results in the first quarter of 2022 were more severely affected by disruptions at the early stages of the war.
"The results of subsequent periods in 2023 may again be negatively impacted by war-related issues beyond MHP's control," the report also states.
Background. MHP ended the fourth quarter of 2022 with a net profit of $38 mln, which is 2.4 times better than the figure for the fourth quarter of the pre-war 2021. However, the past year ended with a net loss of $231 mln for the company compared to $393 mln net profit in 2021.
MHP's revenue in the fourth quarter of 2022 grew by 6% to $766 mln, overall for the year by 11%, to $2.642 bln.
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