Russian agricultural giant doubles profits

by Editor
Wednesday, October 03, 2012

The Miratorg Company, one of Russia's largest meat producers, has almost doubled its profits over the past year.

The company reported that net income for the first half of 2012 was $170 mill., which is nearly twice that achieved in the same period last year.

EBITDA for the first six months of 2012 reached $223 mill., while revenue was estimated at $699 mill., which is a 15% increase on the same period of the last year. The capital of the company grew by 32% to $700 mill.

Miratorg said the profit growth was primarily associated with an increase in production volumes. By the end of the first half of 2012, pork production amounted to 122,400 t, which is 66% higher than during the same period last year. The company said this was possibly due to the commissioning of new pig farms and an increase in the company's livestock numbers.