By KYIV. Nov 17 (Interfax-Ukraine) – Ovostar Union, the agro-industrial group of companies, one of the leading producers of eggs and egg products in Ukraine, saw $2.39 million in net profit in January-September 2022, which is 16.1% less compared to the same period in 2021 year.
According to the company’s report, published on the website of the Warsaw Stock Exchange, Ovostar’s revenue for the reporting period fell by 4.3%, to $90.29 million, while its gross profit grew by 41.1%, to $15.46 million, operating profit by 63.1%, to $3.63 million.
At the same time, due to negative exchange rate differences of $27.55 million, the total loss amounted to $25.16 million, while in January-September 2021, exchange rate differences were positive being $6.74 million, which led to a total profit of $9.59 million.
According to the report, egg production in 2022 will decline by 14.1% to 1.452 billion.
Ovostar said that its income in the egg segment in January-September 2022 fell by 3.5%, to $62.76 million, and in the egg products segment dropped by 6.1%, to $27.53 million.
At the same time, export earnings grew by 31.6% to $37.5 million, including in the egg segment by 40% to $21.91 million, in the egg products segment by 21.3% to $15.59 million.
The company’s free cash flow at the end of September was $5.93 million compared to $2.44 million at the beginning of the year and $0.62 million a year ago, while in Ukraine they decreased from $1.96 million to $0.90 million since the beginning of the year.
The company’s debt on loans was $10.8 million compared to $12.88 million at the beginning of the year and $10.09 million a year ago.
According to the report, by the end of September 2022, Ovostar Union shares were owned by: Prime One Capital Limited (67.93%), controlled by Ovostar CEO Borys Bielikov and Board Chairman Vitaliy Veresenko; Generali Otwarty Fundusz Emerytalny (11.93% compared with 10.93% at the beginning of the year), Fairfax Financial Holdings Limited (9.09% compared with 10.39% at the beginning of the year), Aviva Otwarty Fundusz Emerytalny (5.02%).
The Ovostar Union group of companies is a vertically integrated public holding company, one of the leading producers of chicken eggs and egg products in Europe. The manufacturer has been a certified exporter to EU countries since 2015.
