Politics 2024-02-15T05:00:58+02:00
Ukrainian news
MHP reports loss of USD 269 million for 9M

MHP reports loss of USD 269 million for 9M

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HELP UKRAINIAN NEWS

 

In the first nine months of 2022, MHP (Kyiv), one of the largest producers of poultry meat, has reported a loss of USD 269 million against a net profit of USD 377 million in the first nine months of 2021.

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 367 million compared to the profit from exchange rate differences in the amount of USD 75 million in the first nine months of 2021.

Besides, a revenue increased by 13.9% or USD 229 million year over year to USD 1,876 million.

Export revenue increased by 32% to USD 1.11 billion and accounted for 59% of total revenue.

It is noted that in the first nine months of 2022, adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization decreased by 45% year over year to USD 304 million.

MHP reported a loss of USD 181 million for the third quarter of 2022, increasing revenue by 10% year over year to USD 727 million.

At the same time, in the third quarter, adjusted EBITDA decreased by 35% to USD 136 million.

It is noted that frequent and long interruptions in the supply of electricity have a serious negative impact on the company's economic activity.

The MHP faced complex problems and disruptions in work in mid-October, when a number of the country's power plants came under missile attack. Work at some MHP facilities was stopped for a short time after that. Today, the MHP is again operating at near full capacity, using a combination of state grids, electricity produced at the MHP's biogas plants, and diesel generators. However, events have shown that the situation can seriously, quickly and imperceptibly deteriorate," the message reads.

As the Ukrainian News agency earlier reported, the company reported 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 complex of enterprises for the production of chicken, hatching eggs, and fodder.

The founder of the company is Yuriy Kosyuk.

 

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