Ovostar Union Agro-Industrial Group, one of the leading producers of eggs and egg products in Ukraine, will not pay dividends for 2021, and will use retained earnings for the year in the amount of $1.65 million to replenish working capital.
The company’s shareholders approved the corresponding decision at the annual meeting on August 3, Ovostar said at the Warsaw Stock Exchange on Thursday.
In addition, the shareholders decided to limit the total remuneration paid to top management in 2022 at the level of EUR500 thousand.
The Ovostar Union group of companies is a vertically integrated public holding company, one of the leading producers of chicken eggs and egg products in Europe. It has been a certified exporter to EU countries since 2015.
The holding company of the group is Ovostar Union N.V. – in mid-June 2011, it conducted an IPO of 25% of the shares on the Warsaw Stock Exchange and raised $33.2 million. The majority stake in the company is owned by Prime One Capital Limited, which is controlled by its CEO Boris Belikov and Chairman of the Board of Directors Vitaly Veresenko.
At the end of 2021, Ovostar received $1.65 million in net profit, which is 38% less compared to 2020. EBITDA decreased by 29% to $5.7 million, while revenue increased by 35% to $133.3 million.
