Rusagro’s net profit in the first quarter increased by 176%

MOSCOW, May 22 (Reuters) – The net profit of one of Russia’s largest agricultural holdings, Rusagro, rose 176% year-on-year to 5.4 billion rubles in the first quarter of 2023, the company said on Monday.

Rusagro’s revenue in the first quarter fell by 23% to 47.4 billion rubles.

“In the first quarter of 2023, Rusagro’s revenues decreased in all divisions, except for Meat, mainly due to a decrease in selling prices against the backdrop of falling global product prices and the dollar to ruble exchange rate from a high level of 1 sq. m. . 2022, as well as the postponement of the sale of agricultural products due to late harvest dates, ”the company’s president Timur Lipatov is quoted in the communiqué.

Adjusted EBITDA in the first quarter amounted to RUB 7.1 billion, down 56% year-on-year. The profitability on this indicator fell to 15% from 26%.

(Moscow office)