The Danish pig breeding company Goodvalley (previously Danosha) with assets in Ukraine, Poland and Russia, saw DKK 120 million in net profit in January-September 2019, which is 1.8 times more than a year ago. According to a company report, revenue over the period grew by 1.7%, to DKK 1.12 billion, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) fell by 2.6%, to DKK 185 million.
In Q3 2019, the net profit of the company was DKK 26 million compared with DKK 21 million of net loss a year ago. Revenue grew by 9.8%, to DKK 414 million thanks to the increase in sales of live pigs at higher average price.
Adjusted EBITDA in Q3 2019 doubled, to DKK 71 million.
Ukrainian segment revenue rose to DKK 138 million (DKK 108 million in Q3 2019) thanks to growth in pig prices, while adjusted EBITDA fell to DKK 15 million (DKK 17 million in Q3 2018) due record-low crop yield.
“Our pig production generated strong results in the quarter as we lev¬eraged our recent investments in production capacity, enabling us to sell more live pigs at a higher average price while simultaneously improving operational efficiency slightly. Even though we realised a record-low crop yield from our land in Ukraine in particular and saw the pig price effect partly offset by relatively fixed pork product sales prices, we now expect to reach the high end of our revenue and earnings outlook for the full-year,” CEO Hans Henrik Pedersen said.