MHP first half 2019 revenue up 36 pct YoY

In H1 2019, MHP revenue reached USD 946 mln, having increased by 36% year-on-year (H1 2018: USD 694 mln).

The company's export revenue of USD 552 mln, comprising 58% of total revenue compared with USD 385 mln and 55% of total revenue in H1 2018.

By the company's report, operating profit of USD 177 mln was down 17% year-on-year from USD 212 mln and operating margin declined from 31% to 19%.

The adjusted EBITDA margin declined correspondingly from 38% to 26%, with adjusted EBITDA down from USD 263 mln to USD 247 mln.

Net profit made up USD 171 mln, down 10% from USD 190 mln in H1 2018, including foreign exchange gains of USD 72 mln, similar to USD 73 mln in H1 2018.

"A number of external factors are likely to impact the Group's performance in the second half of 2019 and beyond. In particular, although market conditions in Europe are currently challenging, we expect the impact of African Swine Fever in China and other Far Eastern markets to have a positive impact on meat prices over the coming months. Strong crop yields are expected in Ukraine, which should have a positive impact on MHP's financial results for the year," the message says.

Previously reported that MHP was listed in the top 10 taxpayers among agricultural companies of Ukraine in the first half of 2019.