Avangard net profit in Q4 2017 exceeded USD 13 mln

The company Avangardco reported net profit of USD 13.1 mln (Q4 2016: net loss of USD 17.8 mln).

Net loss narrowed eightfold to USD 7.5 mln (2016: net loss of USD 56.6 mln).

Consolidated revenue of the Company amounted to USD 43.7 mln, showing a decrease of 45% YoY (Q4 2016: US$79.6 mln).

Export revenue from sales of shell eggs and dry egg products amounted to USD 36.7 mln, or 29% of the Company’s consolidated revenue (2016: USD 66.7 mln, or 35% of the Company’s consolidated revenue).

Operating profit amounted to USD 20.8 mln, indicating an increase of 177% YoY (Q4 2016: USD 7.5 mln).

EBITDA was up by 108% to USD 23.6 mln, with EBITDA margin of 54% (Q4 2016: EBITDA of USD 11.3 mln, with EBITDA margin of 14%).

"Whilst we saw some improvement in Avangardco’s performance towards the end of 2017, the Company continued to operate under challenging conditions in both our domestic and exports markets. In 2018, we will continue to focus on improving the Company’s operational profitability whilst growing both our exports and domestic sales as consumer demand is expected to gradually recover in Ukraine. 2018 is a crucial year for us as we continue to work towards a resolution around restructuring negotiations with our creditors, which we hope will be mutually beneficia," commented Nataliya Vasylyuk, Chief Executive Officer of AVANGARDCO IPL.

Previously Avangardco informed that its Avis poultry complex received approval to export class A eggs to the European Union effective from February 28, 2018.