Cherkizovo Group increases poultry sales by 26% in 9 mths, pork output up 7%
Cherkizovo Group increased its sales of poultry 26% to 185,600 tonnes in the first nine month of 2011 while meat processing went up by 5% to 108,400 tonnes. The company's production of pork increased by 7% to 65,800 tonnes, the group said in a press release.
The increase in poultry sales was driven by rising production at the Bryansk division of the company Mosselprom, which Cherkizovo acquired in May 2011.
The average sale price for poultry went up by 8% from $2.33 per kilogram in the first nine months of last year to $2.52 per kilogram in January-September 2011 (excluding VAT). The price for the third quarter largely went unchanged from the second quarter and held around $2.53 per kilogram.
The price in ruble equivalent increased by 3% to 70.56 rubles per kilogram for the first nine months to 72.4 rubles per kilogram in the same period of this year (excluding VAT). At the same time, the sale price in the third quarter edged up by 1% to 73.47 rubles per kilogram in contrast with the second quarter.
The average sale price for pork increased by 15%, from $2.38 per kilogram in live weight for the first nine months of 2010 to $2.74 in the same period of this year (excluding VAT).
In ruble terms, the price increased by 9% to from 72.09 rubles per kilogram for the first nine months of 2010 to 78.9 rubles per kilogram for the same period of 2011 (excluding VAT). In comparison with the previous quarter, the price in the third quarter went up by 2% to 81.37 rubles per kilogram.
The average sale price in the meat processing segment increased by 19% from $3.82 per kilogram in the first nine months of 2010 to $4.54 in January-September 2011 (excluding VAT). In comparison with the second quarter, the price largely went unchanged and came to $4.66 per kilogram.
The average price in rubles went up by 13%, from 115.52 rubles for the first nine months of 2010 to 130.56 rubles in January-September 2011 (excluding VAT). In comparison with the second quarter, the price in the third quarter increased by 4% to 135.27 rubles per kilogram.
Cherkizovo includes seven meat processing plants (in the Moscow, Penza, Ulyanovsk and Rostov regions and Krasnodar territory), four hog and two poultry complexes and a feed plant. It raised $251 million in an IPO on the London Stock Exchange (LSE) in May 2006. The group is controlled by Igor Babaev and members of his family.
The group's revenue totaled 36.085 billion rubles in 2010, 12% more than in 2009. In dollar terms, revenue was up 17% to $1.188 billion. Net profit rose 16% to 4.386 billion rubles in 2010, or 21% in dollar terms to $144.4 million.
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