Agro-industrial group Ovostar Union, one of the leading producers of eggs and egg products in Ukraine, in the first half of 2023, despite a decrease in egg processing by 8%, increased sales of its main products by about 56.1% due to higher prices and increased sales of egg products.
According to the company’s report on the Warsaw Stock Exchange, the average price of eggs in January-June 2023 increased 67% year-on-year to $0.127/egg.
Egg sales fell 11.6% to 478 million eggs, while export egg sales jumped 62.5% to 208 million eggs and the share of exports in this segment rose from 24% to 43%, the document said.
According to it, the volume of egg processing in the first half of 2023 decreased by 1% to 213 million pieces: the company reduced production of dry egg products by 26.1% to 1,050 tons, but increased production of liquid ones by 31.3% to 6,232 tons.
At the same time, sales of dry egg products increased by 57.7% to 1,219 tons, while sales of liquid products increased by 33.8% to 6,083 tons.
Exports of dried egg products jumped 106.6% to 878 tons, while exports of liquid products jumped 50.8% to 2,801 tons, bringing their share of sales in these segments to 72% from 55% and 46% from 41%, respectively.
The average price of dry egg products increased by 10% to $8.78/kg, while the average price of liquid egg products increased by 39% to $2.55/kg.
It is noted that overall, Ovostar reduced egg production in the first half of 2023 by 8% against the first half of 2022 to 732 million eggs, but the number of hens increased by 16.6% to 7.3 million in the year to June 30, including laying hens up 5.8% to 6.54 million.
“Production and sales plans have been aligned with current market conditions both in Ukraine and abroad, resulting in a reasonable balance between local and export revenues. Overall, the administration is pleased with the group’s operating performance for the first six months of the year,” the release quotes a comment from the company’s CEO Boris Belikov.
He noted that in the first half of 2023, the group continued to operate in a business environment affected by the ongoing Russian armed aggression, but the management took all possible steps to mitigate war-related risks, with a focus on creating a safe working environment for staff.
As reported, in 2022, Ovostar reduced egg production by 9% to 1.55 billion eggs and sales by 6% to 1.08 billion eggs. At the same time, sales of dry egg products decreased by a third to 2.13 thousand tons, liquid – by 26% to 10.62 thousand tons.
The company earned $6.09 million in net income in 2022, 3.7 times more than in 2021. Its revenue for last year increased 1.7% to $135.63 million.
“In the first quarter of 2023, Ovostar decreased egg production by 2% to 362 million eggs, but increased its sales by 4% to 241 million eggs,” the company said. At the same time, sales of dry egg products increased by 23.8% to 531 tons, while sales of liquid egg products increased by 40.3% to 3,063 tons.
Given these sales and pricing metrics, total revenue for the three product categories was estimated at $46.3 million, up 68.1% from $27.6 million in the first quarter of last year.
As a result, the company reported a 70.7% increase in revenue to $47.30 million and a net income of $8.98 million instead of a net loss of $16.44 million in the first quarter of 2022.
The V Summer All-Ukrainian Boxing Gymnasium took place in Uman, where boys and juniors from Ukraine and Kyiv took part.
The following boxers became champions from Kyiv:
? Kirill Tkachuk, 2010, 1st category, 42 kg
? Mykola Dobrolyubov, 2009, 1st category, 66 kg
? Pasichenko Oleksandr, 2008, KMS, 48 kg
? Adrian Krasnopilskyi, 2008, KMS, 54 kg
? Konstantin Gayevsky, 2009, 1st category, 54 kg
? Maidukov Mark, 2009, 1st category, 48 kg
? Kravchenko Mykyta, 2010, 1st category, 57 kg
The President of the Kyiv City Federation Oleksandr Nehoda congratulated the young Kyiv residents on their victory.
“We have a good team and systematic work, which is aimed at constantly holding open rings where our boxers can gain combat practice,” said Oleksandr Nehoda.
According to the president of the boxing federation, the next events that athletes and coaches are preparing for are the World Gymnasium in Rio de Janeiro (Brazil), which will take place on August 19-27, as well as the European Championships in Maribor (Slovenia), which will take place on August 15-26, 2023.
The gymnasium is held to stimulate the development of physical culture and sports among students of general secondary education institutions of the II-III levels.
Consensus forecast of risks for economy of Ukraine from NBU
Source: Open4Business.com.ua and experts.news
Mining and metallurgical group Metinvest in January-June of this year, including associated companies and joint ventures, transferred more than UAH 6.3 billion of taxes and fees to the budgets of all levels in Ukraine.
According to the company’s press release on Monday, despite the full-scale Russian invasion of Ukraine, Rinat Akhmetov’s Metinvest remains the backbone of the country’s economy.
It is specified that, in particular, for January-June this year Ukrainian enterprises of Metinvest paid more than 1.5 billion UAH of unified social contribution, almost 1.5 billion UAH of personal income tax and more than 1 billion UAH of profit tax.
In addition, significant sources of filling the state and local budgets of Ukraine were payment for the use of subsoil – UAH 872 million, payment for land – UAH 589 million and environmental tax – UAH 302 million, the press release said.
In the second quarter of 2023, the group transferred to the Ukrainian budget more than 3.8 billion UAH, which is 51% more than in the first quarter of this year. In particular, for April-June compared to January-March 2023, Metinvest enterprises increased payment of unified social contribution by 12%, up to UAH 813 million, personal income tax – by 26%, up to UAH 819 million, income tax – by 45%, up to UAH 643 million.
In April-June-2023, the fee for subsoil use increased 4 times, to UAH 698 mln, land fee – by 4%, to UAH 301 mln, environmental tax – by 23%, to UAH 167 mln.
Metinvest CEO Yuriy Ryzhenkov noted that with the start of the big war, the group gave up tax benefits to which it is entitled under the law and pays taxes in full.
“We understand that our resilience and endurance adds to the state’s ability to hold the blow in economic, defense and social areas. We will continue to be a point of support for the country, the army and Ukrainians. We will help as much as necessary – both before and after the victory”, – emphasized the top manager, who is quoted by the press service.
It is also reminded that taking into account associated companies and joint ventures, in the first quarter of 2023 Metinvest paid more than 2.5 billion UAH of taxes and fees to budgets of all levels in Ukraine, and in 2022 – 20.5 billion UAH.
“Metinvest is a vertically integrated group of mining and metallurgical companies. The group’s enterprises are mainly located in Donetsk, Luhansk, Zaporizhzhya and Dnipropetrovsk regions.
The main shareholders of the holding are SCM Group (71.24%) and Smart Holding (23.76%), jointly managing the holding.
Metinvest Holding LLC is the management company of Metinvest Group.
Ukraine’s Energy Support Fund, established in April 2022 by the Energy Community Secretariat, has already accumulated approximately $220 million and is expected to increase to $300 million by the end of the year, Energy Minister German Galushchenko said.
“Already $220 million of donations to the Fund have been confirmed and there are still promises of additional investments. We expect to accumulate about $300 million by the end of the year,” he said on the air of the national telethon United News on Saturday.
According to him, this Fund is a very important and unique instrument contributing to the restoration of Ukraine’s energy sector, as well as testifying to the trust in Ukraine.
The Minister explained that the money of the Fund, the main donors of which are governments of friendly states, is used through USAID to purchase and transfer to energy companies the equipment they need, according to their requests, which are collected by the Ministry of Energy.
As reported with reference to the Ministry of Energy, as of the beginning of March, the Ukrainian Energy Support Fund received EUR151m, of which approximately EUR138m was allocated for the needs of Ukrainian energy companies.
The Energy Ministry specified that the funds were received, in particular, from Germany, the UK, Spain, Iceland, Denmark, the European Commission, the Regional Association of Energy Regulatory Authorities (ERRA) and the Regional Center for Energy Policy Research.
Oil prices are falling on Monday after a strong rise at the end of last week.
The cost of September futures for Brent on the London-based ICE Futures exchange at 8:15 a.m. on Monday is $80.95 per barrel, down $0.12 (0.15%) from the previous session’s closing price. On Friday, these contracts rose $1.43 (1.8%) to $81.07 per barrel.
The price of WTI oil futures for September at the electronic trading of the New York Mercantile Exchange (NYMEX) fell by $0.14 (0.18%) to $76.93 per barrel. At the end of previous trading, the cost of these contracts rose by $1.42 (1.9%), to $77.07 per barrel.
At the end of last week Brent rose by 1.5%, the cost of WTI rose by 2.3%, to the maximum since April 25.
Traders’ attention this week is focused on the Federal Reserve (Fed) meeting, which is expected to raise the rate by another 25 basis points. Continued tightening of monetary policy by the U.S. central bank raises the likelihood of a downturn in the economy and, consequently, lower demand for oil.
“Expectations of a new rate hike by the Fed are putting some pressure on the oil market, however, I believe that this event is largely already priced in,” notes Warren Patterson, who is responsible for commodities strategy at ING Groep NV.
The market is supported by expectations of lower supply amid Saudi Arabia’s production cuts.
The head of the International Energy Agency Fatih Birol said on Bloomberg TV at the weekend that due to production cuts by a number of countries, the oil market may face a deficit in the second half of the year even though there is no significant growth in demand in China.
