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MHP net loss in 2022 exceeds USD 200 mln
11 April 2023, 12:21
The agro and industrial holding founded and chaired by Yuri Kosyuk, MHP, posted a net loss of USD 231 mln for the year 2022. For comparison, in 2021, the company's net profit equalled USD 393 mln.
As per the company's report, in Q4 2022, the agricultural holding earned USD 38 mln in net profit. This makes it 2.4x higher YoY. Revenues for the period increased by 6% to USD 766 mln, and by 11% to USD 2.64 bln for the year 2022.
The company's export revenue in the fourth quarter of 2022 reached 64% of the total (USD 491 mln). The full-year result for 2022 was 61% (USD 1.6 bln), up 8% from 2021.
MHP's operating profit in Q4 2022 stood at USD 90 mln, down 12% YoY, and USD 255 mln, down 49%, for the year. EBITDA for the fourth quarter decreased by 16% to USD 109 million and by 41% to USD 384 mln for 12M 2022.
"The Grain Growing Operations Segment’s revenue in 2022 was USD 158 mln (2021: USD 188 mln). The 16% YoY decrease was mainly attributable to the lower volumes sold as a result of the late finishing of the harvesting campaign, and lower yields of corn, sunflower and wheat," the report reads.
To preserve liquidity to support the Group’s ongoing business operations and sustain the population of Ukraine, the Board of Directors decided not to declare a final dividend for the 2022 financial year.
