Agroholding MHP in the second quarter of 2022 received $20 million in net profit compared to $232 million in the second quarter of 2021, including excluding exchange rate differences, net profit decreased to $17 million from $201 million.
According to the company’s report on the London Stock Exchange on Wednesday, its revenue amounted to $595 million, an increase of 10% compared to last year.
According to the document, exports accounted for $333 million in revenue, or 56%, while in the second quarter of 2021, $285 million, or 53%.
Operating profit fell 72% to $67 million and adjusted EBITDA (excluding IFRS 16) to $111 million from $277 million in the second quarter last year.
“Despite the fact that MHP continues to face difficult challenges and disruptions in operations, sales and logistics, the company has now been able to restore poultry production at its Ukrainian facilities to almost 100% capacity. In recent months, new, albeit more complex and expensive logistics routes, and export volumes are growing. We expect to complete the grain harvest on almost all of our lands in the second half of the year,” the report says.
According to him, before the end of the year, MHP plans to take advantage of the opportunities of the Cherenomor Grain Initiative for the export of agricultural products.
“The Group incurred significant war-related expenses following the Russian invasion on February 24. For the period ended June 30, 2022, they amounted to nearly $50 million, including donations to support the community, write-offs of stockpiles and biological assets, and other war-related expenses.” , is specified in the document.
At the same time, the company had no material damage to facilities, infrastructure and products in Ukraine, with the exception of the destruction of the leased storage facility (with a loss of about $6 million in production) in March and the suspension of the production of “Ukrainian Bacon” in the Donetsk region, which has now been moved to other locations. in Ukraine.
