Successful operational activity, sustainable growth and favorable market prices have contributed to the solid financial results of LLC Ovostar Union and Subsidiaries.
Key Financial Highlights:
- The Group revenues increased 34% y-o-y to USD 22.1 mln.
- The Group gross margin improved to 34% compared to 28% in the first half of 2010.
- The Group EBITDA increased 77% y-o-y to USD 9.3 mln. EBIT grew 90% y-o-y to USD 8.4 mln.
- The Group net profit increased 102% y-o-y to USD 8.1 mln.
Revenues, gross profit and gross margin
In the first half of 2011, Ovostar Union’s revenue grew 34% y-o-y to USD 22.1 mln mainly due to the higher sales of eggs, growing demand for egg products, and favorable prices both on local and export markets. Egg segment revenues contributed 74% (USD 16.4 mln) to the total sales, while egg product segment revenues constituted 26% (USD 5.7 mln) of total revenues.
Gross profit has increased 77% to USD 8.7 mln. The Group gross margin has increased to 34% compared to 28% in the first half of 2010.
Operating profit and EBITDA
The Group’s EBITDA and operating profit increased in 1H 2011 to USD 9.3 mln and USD 8.4 mln, respectively mainly as a result of higher sales in terms of volume, overall decrease in cost of goods sold (gross margin up 6%) and selling, general and administrative expenses (SG&A/Revenue ratio down 2%). EBITDA margin increased to 42% vs 32% in H1 2010.
Profit before tax and net profit
The Group’s profit before tax was up 95% to USD 8.2 mln (1H2010: USD 4.2 mln). Net profit more than doubled to USD 8.1 mln (compared to USD 4.0 mln in 1H2010).
For investor relations inquiries please contact:
Ekaterina Pavlovskaya
GC «Ovostar Union»
Senior Expert of Investment Department
Cell +38 050 411 33 37
E-mail: e.pavlovskaya@invest.ovostar.ua
