The Agro holding “Ovostar Union”, one of the two largest egg producers in the country for the first half of 2018 earned a net profit of $ 10.4 million, according to the report of the group on the website of the Warsaw Stock Exchange.
This is almost 2.7 times more than during the same period in 2017 and one and a half times more than forecasted in July by Andrey Perederei, an analyst at Concorde Capital.
The expert’s forecast was more accurate on the EBITDA of “Ovostar”, which was expected to be about $ 14 million. According to the report of the holding, EBITDA doubled to $ 13.8 million.
The revenue of “Ovostar Union” increased 1.7-fold to $ 63.5 million, gross profit more than doubled, to $ 17.7 million. 73% of the company’s revenue or $ 46.5 million gave it an egg segment, the rest goes from egg products.
The value of “Ovostar’s” assets increased by more than a quarter, reaching $ 148.6 million, and the holding’s debt decreased by 23% to $ 11.4 million.
“The financial support of the company was provided by strong prices for eggs and higher volumes of its production,” comments the report of “Ovostar” Perederei. – the average export price increased by 17.6% compared to the same period last year. “
As a rule, egg prices have the highest seasonal growth in the fourth quarter, which should improve “Ovostar’s” results even more in the second half of 2018, concludes the Concorde Capital analyst.