Ovostar Union net profit in 9M 2018 rose 73%

Over the 9M 2018, Ovostar Union net profit reached USD 13.8 million which by 74% exceeds the result for the previous year (9M 2017: USD 8.0 million).

In 9M 2018, the company’s revenue increased by 57% year-on-year to USD 94.7 million from USD 60.2 million.

The gross profit amounted to USD 23.7 million representing 25% gross margin (9M 2017: USD 15.2 million and 25% respectively). The export sales contributed USD 42.6 million of revenues, showing a 55% growth y-o-y. The share of export sales amounted to 45% of total revenue over the reporting period.

During the 9M 2018, operating profit increased by 51% to USD 15.2 million from USD 10.1 million. At the same time EBITDA amounted to USD 17.3 million resulting in the EBITDA margin of 18% (9M 2017: USD 12.2 million and 20% respectively). Over the reporting period cash flows from the Group’s operating activities equalled to USD 23.4 million (9M 2017: USD 11.8 million).

Earlier the company informed about the corporate seat transfer from the Netherlands to Cyprus.