Agro-industrial group of companies “Ovostar Union”, one of the leading producers of eggs and egg products in Ukraine, decided to direct all net profit for 2022 in the amount of $6.087 million to the reserve of retained earnings and not to pay dividends.
According to the company’s announcement on the Warsaw Stock Exchange before the opening of trading on Monday, the relevant decision was made by the shareholders’ meeting on July 14.
At the same time, it approved the payment of an interim dividend for 2022 for EUR3.9m, which had already been made in January this year.
Other decisions of the meeting include fixing the ceiling of total remuneration to the board of directors this year at EUR0.5m and authorizing the board of directors to select an independent auditor in a tender.
Ovostar Union Group is a vertically integrated public holding company, one of the leading producers of chicken eggs and egg products in Europe. The producer has been a certified exporter to the EU since 2015.
The group’s holding company, Ovostar Union N.V., IPOed 25% of its shares on the Warsaw Stock Exchange in mid-June 2011 at PLN62 per share and raised $33.05 million.
On Monday, the company’s shares are listed at PLN58.5, down 1.68% since the beginning of the day. A total of 6 million shares were issued.
“Ovostar earned $8.98 million in net profit in the first quarter of 2023, while it ended the same period last year with a net loss of $16.44 million. Its revenue for the period increased by 70.7% to $47.30 million.”
Ovostar ended 2022 with a $6.09 million net profit, a 3.7 times increase from 2021. Its revenue for the past year increased 1.7% to $135.63 million.
According to the report, by the end of March 2023, Ovostar’s majority shareholder was Prime One Capital Limited – 67.93% controlled by Ovostar CEO Boris Belikov and Chairman Vitaliy Veresenko; Generali Otwarty Fundusz Emerytalny – 10.93%, Fairfax Financial Holdings Limited – 9.09% and Aviva Otwarty Fundusz Emerytalny – 5.02%.
