Ovostar Union, a vertically integrated holding, one of the leading egg and egg products producers in Ukraine, is announcing ?onsolidated interim financial statements (unaudited) of LLC Ovostar Union and its subsidiaries for the six months ended June 30, 2011.
Successful operational activity, sustainable growth and favorable market prices have contributed to the solid financial results of LLC Ovostar Union and Subsidiaries.
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.
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.
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 4.0 mln in 1H2010).