Avangardco consolidated revenue up a quarter

In H1 2019, the consolidated revenue of Avangardco IPL increased by 25% YoY to USD 84.8 mln. The increase was supported by a 92% YoY improvement in sales of shell eggs.

In H1 2019, the company’s export revenues increased by 57% YoY to USD 44.8 mln, driven by the increased export sales of shell eggs. The share of export revenue in the consolidated revenue reached the target of 53%.

The cost of sales rose 51% YoY to USD 105.8 mln due to the increase in the volume of shell egg sales.

"A YoY decrease in the cost per egg was related to lower prices for fuel and the key feed components (grain and oil crops). The gross loss amounted to USD 65.0 mln and includes loss from revaluation of biological assets at fair value of USD 44.1 mln," the company's report states.

In H1 2019, the company’s net loss amounted to USD 110.9 mln (H1 2018: USD 36.3 mln).

As previously reported, the Ukrainian exporters are actively using the right for duty-free exports to the EU. In the current year, nine quotas are already fully filled including quotas for eggs and albumins (55.9% of basic and 38.4% of additional).

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