MHP reports a loss of USD 231 million for 2022

MHP (Kyiv), one of the largest poultry meat producers, ended 2022 with a loss of USD 231 million year over year (USD 393 million).

This follows from a statement by the company, the Ukrainian News agency reports.

At the same time, the loss from exchange rate differences in the reporting period amounted to USD 365 million compared to the profit from exchange rate differences in the amount of USD 40 million in 2021.

In 2022, revenue increased by 11.4% or USD 270 million year over year to USD 2,642 million.

Export revenue increased by 26% to USD 1.601 billion and is 61% of total revenue.

In 2022, adjusted EBITDA decreased by 38% year over year to USD 443 million.

In 2022, the company's chicken production capacity decreased by 8% year over year to 697,071 tons, while the company's European operating segment chicken production capacity increased by 11% to 124,040 tons.

Also, in 2022, the company reduced chicken exports by 8% to 368,379 tons.

The average price of chicken increased by 17% year over year to USD 1.95 per kilo.

In the fourth quarter, MHP boosted its net income 2.4 times to USD 38 million, increasing revenue by 6% year over year to USD 766 million.

At the same time, in the fourth quarter, adjusted EBITDA decreased by 12% to 138 million dollars.

As the Ukrainian News agency earlier reported, the company posted a net profit of USD 393 million for 2021, increasing revenue by 24.1% or USD 461 million year over year to USD 2.372 billion.

On February 2, 2021, the Myronivskyi Hliboproduct company officially changed its legal name to MHP.

MHP is a vertically integrated enterprise complex for producing chicken, hatching eggs, and fodder.

The founder of the company is Yurii Kosiuk.