Cherkizovo 2010 net profits jump 21% to $144.4 mln
Cherkizovo, one of the leading meat and
In ruble terms net profits were up 16% at 4.386 billion rubles from 3.789 billion rubles.
Company sales revenues were up 12% at 36.085 billion rubles last year versus 32.330 billion rubles in 2009. In dollars, that was a 17% increase to $1.188 million versus $1.019 million.
Operating expenses as a percentage of sales revenues dropped to 13% from 14% in 2009.
Adjusted EBITDA was up 15% at 6.641 billion rubles versus 5.782 billion in 2009 ($218.7 million versus $182.3 million). The company’s EBITDA margin was 18%, about the same as the year before.
The Cherkizovo group’s gross profits were up 10% at 9.835 billion rubles from 8.934 billion rubles in 2009 (15% to $323.9 million from $281.6 million). The gross profit margin was 27% in 2010.
The group placed 3 billion rubles worth of
The Cherkizovo group launched a large
Cherkizovo Group, which was formed in 2005, encompasses seven meat- processing companies in the Moscow region, Penza, Ulyanovsk, Belgorod and Rostov Regions and Krasnodar Territory, four hog complexes, two poultry farms and a compound feed plant. The company held an IPO on the London Stock Exchange (LSE) in May 2006 that raised $251 million. The group is controlled by Igor Babayev and members of his family.
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