Indykpol Polish poultry business to invest in expansion
The amount comprises investments in production, which will be financed from the current amortisation, current revenues from operational activities, and bank loans, the company said in its financial report for the first quarter of 2019.
In the report, the turkey meat business said its supervisory board had approved an investment plan for the Indykpol capital group, worth some €17.8 mill., of which its main entity, Indykpol SA, is to spend about the lion share.
Compared with the first quarter of 2018, the company reported lower revenues year-on-year, at €53.7 mill. However, this was due to Indykpol's decision to focus on turkey meat products, and its turkey meat sales grew by about 1.7% compared with the same period a year earlier, according to data from the quarterly report.
While the Polish market remains the main source of the companys revenues, at 74.8% of its quarterly sales, Indykpol also exports its products to a number of foreign markets, predominantly to other EU member states. In the first quarter of this year, export sales generated €13.6 mill., which represented a 6.7% increase compared with the same period in 2018, as shown by figures from the financial report.
From January to March 2019, some of the firm's main export destinations included the UK, Germany, the Netherlands, Belgium, Ireland, Greece, Spain, France, Bulgaria, Lithuania, Hungary, and Romania. Outside the EU, Indykpol said it also exports its products to China and Ukraine, among others. Due to the company's decision to focus on the turkey meat segment Indykpol reported lower sales in a majority of these markets in the first quarter of 2019. However, the company's expansion to two new markets, Greece and Spain, generated about €4.2 mill. in new sales, compared with the January-March 2018 period.