Miratorg almost doubles IFRS net profit in H1
MOSCOW. Sept 17 (Interfax) - Agro-Business Holding (ABH) Miratorg posted 5.1 billion rubles in net profit according to international financial reporting standards (IFRS) for the first half of 2012, almost double from 2.6 billion rubles for the first half of 2011, the company said in a statement.
The statement said that EBITDA rose by 75.9% to 6.7 billion rubles while the EBITDA margin stood at 31.89% compared to 20.91% for the first half of 2011.
The holding's net margin rose to 24.4% from 14.5% in the same period of last year.
Miratorg's sales revenue came 20.97 billion rubles, up 15% from 18.18 billion rubles in January-June 2011.
The debt to EBITDA index came to 3 compared to 4.3 a year before.
"During 6 months, 2012 all sub-divisions of ABH "Miratorg" kept demonstrating stable growth of performance indicators. In the second half of the year Holding will continue to increase productive capacities, particularly there are planned to be commissioned two feed mills in Belgorod and Bryansk regions and hi-tech production of semi-products in Kaliningrad region, as well as a range of new objects within project realization in Bryansk region" - vice-president for finance of ABH Miratorg Vadim Kotenko was quoted in the statement as saying.
Miratorg earlier reported its operational results for the first half of 2012. The company produced 122,400 tonnes of pork (in live weight) in January-June, up 66% from 73,800 tonnes in the same period of 2011. The increase in output was driven by the commission of new pork complexes.
Total production at CJSC PC Korocha's meat plants came to 76,500 tonnes, up 19% from 64,400 tonnes in the same period of 2011.
Miratorg includes two grain companies, an elevator, fodder plant, 10 automated pork complexes, a slaughter and primary meat processing plant, a semi-finished product manufacture plant, a logistics company and distribution centers in major Russian cities.
The holding's fodder plants increased output by 78.5% to 275,300 tonnes.
Miratorg's IFRS sales revenue went up by 12% to 38.5 billion rubles in 2011. Net profit rose by 84.64% to 5.96 billion rubles while EBITDA increased by 39.5% to 8.78 billion rubles. In addition, the EBITDA margin came to 22.81% for 2011 compared to 18.31% in 2010.
The holding is owned by the brothers Alexander and Viktor Linnik. Alexander Linnik is the board chairman and Viktor Linnik is the president.
