Ovostar Union accumulated 1.7 times higher net profit in 1Q 2018

Ovostar Union over the 3 months 2018 accumulated USD 7.3 million of net profit, a 71% growth year-on-year (1Q 2017: USD 4.3 million), the WSE informs.

The Group's revenue over the 1Q 2018 increased by 71% year-on-year to USD 33.9 million from USD 19.8 million as a result of growth in sales volumes and prices as well as contribution of the egg trading activities to the total turnover.

The export sales for the reporting period more than doubled year-on-year and reached USD 14.4 million, while the share of export revenue amounted to 43%. In particular, the EU share in revenue went up from USD 0.9 million to USD 4.8 million, what resulted in 14% share in total revenue for the 1Q 2018," the message reads.

The Group's operating profit for the reporting period increased by 99% year-on-year to USD 8.8 million. The gross profit increased by 90% year-on-year to USD 11.2 million, while the gross profit margin amounted to 33% (1Q 2017: 30%).

"Adhering to the strategy of export markets expanding, in the first quarter of 2018 the Group continued to build on its export activities, with a particular focus on the EU market, which resulted in significant growth of revenues from foreign customers," the Group's CEO Borys Bielikov noted.

Reference: the volume of Ovostar Union's shell eggs exports went up by 68% to 138 mln eggs and resulted in the export share of 40%.