Avangardco Full-Year Profit Rises 6.2% on Higher Sales, Prices
Ukrainian egg producer Avangardco Investments Public Ltd. (AVGR) said profit rose 6.2 percent last year on higher prices and increased output and sales volumes.
Net income rose to $196.3 million from $184.8 million in 2010, the Kiev-based company said in an e-mailed statement today.
“This success is a testament to both our progress as a company and also to Ukraine’s agricultural potential,” Chief Executive Officer Nataliya Vasylyuk said in the statement.
Ukraine’s record 2011 grain harvest has helped the company to buy poultry feed at good prices, according to the statement. The harvest rose 44 percent from the previous year to 56.7 million tons, the state statistics office has said.
Avangardco said its production rose 34.7 percent last year, to 5.96 billion eggs. Of those, 4.86 billion were sold in their original state, a 25 percent increase in volume, and the rest were made into powder. Revenue rose 25.8 percent to $553.3 million, according to the statement.
The company foresees continuing sales growth, helped by higher demand in Ukraine and in export markets.
The average domestic selling price for eggs increased 12.3 percent in 2011, according to the statement.
To contact the reporters on this story: Kateryna Choursina in Kiev at email@example.com.