The net profit of Myronivsky Hliboproduct agricultural holding (MHP) in 2019 increased by 1.7 times compared to 2018, to $215 million.
According to a company report on the London Stock Exchange’s website, its revenue last year increased by 32%, to $2.06 billion, due to the increased sales of chicken, vegetable oil and semi-finished products, as well as the purchase of PP.
Export revenue amounted to $1.19 billion, which is 58% of total revenue (60% in 2018). Export revenue increased by 28% compared to 2018 due to the growth in sales of grain, vegetable oil and meat products.
Last year, MHP’s gross profit decreased by 6%, to $398 million, operating profit by 31%, to $216 million.
The agricultural holding’s EBITDA in 2019 decreased by 16%, to $376 million, EBITDA margin to 18% from 29%. This was due to low prices (both for crops and chicken), adverse weather conditions and the significant strengthening of the hryvnia.
For the fourth quarter of 2019, MHP increased its net loss by 4.3 times, to $60 million compared to the same period in 2018. Revenue for this period increased by 43%, to $551 million. Export revenue amounted to $316 million, which is 57% of total revenue.
MHP’s operating losses in October-December 2019 amounted to $2 million compared to $29 million in operating profit in October-December 2018. Gross profit decreased by 22%, to $52 million.
EBITDA margin in the fourth quarter of 2019 fell to 8% from 23%, EBITDA by 51%, to $43 million.
