Ukraine’s Avangardco Says Net Income Rose 46% in First Half
Avangardco Investments Public Ltd. (AVGR), a Ukrainian egg producer, said its profit rose 46 percent in the first half of the year on higher sales and better prices.
Net income rose to $97.6 million in the six months ending June 30 compared with $67 million a year earlier, the company, which is based in capital Kiev, said in an e-mailed statement today. Sales of eggs increased 13 percent to 2.41 billion units, the company said.
“Demand for our product continued to increase,” said Chief Executive Officer Nataliya Vasylyuk in the statement. “The company was able to significantly increase its exports to the Middle East, North Africa and Asia as well as to increase sales of its products to the domestic market.”
The company, which raised $187.5 million by selling a 20 percent stake in a London initial share sale in 2010, wants to start exporting poultry products to the European Union. Avangardco rose to $10.10 per share yesterday, the highest since Aug. 7.
Revenue increased 26 percent to $283.6 million from $233.9 million a year earlier. Average egg price in Ukraine increased by 26.4 percent, according to Avangardco.
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