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Russia's Cherkizovo profit up, faces challenges
* Says nine-month net income up 26 pct to $104.4 mln
* Sees challenging year ahead for global grain supplies
* Meat sale prices likely to be lower on over supply
(Adds CEO comment, detail)
MOSCOW, Nov 30 (Reuters) - Russia's biggest meat producer Cherkizovo said it expects meat prices to fall over the turn of the year as grain shortages cause producers to slaughter more livestock, creating an oversupply.
"We are now witnessing a slight oversupply of meat in the market ... this puts a downward pressure on selling prices, especially for poultry sales," Chief Executive Sergey Mikhailov said in a statement.
He added that the company expected "a rather challenging year" for grain supplies -- used by the company as animal feed.
He said the problem would be particularly pronounced in Russia, where the country's worst heatwave on record destroyed crops during summer 2010.
Cherkizovo said net income for the nine months to end September rose 26 percent to $104.4 million, partly on increased production capacity and new farms, while revenues were up 20 percent at $877.7 million.
Cherkizovo shares opened 0.5 percent higher in Moscow, in line with the wider market. ($1=31.10 Rouble)
Crystal Cherkizovo played volleyball game with kids from UNITY foundation
25 may 2023
Crystal Cherkizovo played volleyball game with kids from UNITY foundation
Crystal Cherkizovo, a volleyball club whose main sponsor is Cherkizovo Group, met children with cancer supported by the UNITY charity foundation to talk about the history of volleyball and play an exhibition game.
Cherkizovo Group unveils prospects for halal product exports
23 may 2023
Cherkizovo Group unveils prospects for halal product exports
Cherkizovo Group, Russia's largest meat producer, took part in the business program of the Russia – Islamic World: KazanForum, the key platform for economic cooperation between Russia and Muslim countries. The Company shared its vision of opportunities to expand halal product exports to the CIS and beyond.
Cherkizovo Group reaffirms its leadership in Russia’s meat market
10 may 2023
Cherkizovo Group reaffirms its leadership in Russia’s meat market
Cherkizovo Group (Petelinka and Pava-Pava brands) for the eighth time topped the list of country’s largest meat producers in an annual ranking put together by Agroinvestor, a leading industry publication. In 2022, the Company accounted for around 8% of meat output in Russia.
Cherkizovo Group speeds up product delivery to China
28 april 2023
Cherkizovo Group speeds up product delivery to China
Cherkizovo Group, Russia’s largest meat producer, this week has made its first shipment of chicken products to China in refrigerated rail containers. This route will be an alternative to sea shipping, enabling the Company to deliver its products to Chinese customers three times faster, in 15 days instead of 45.
