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Rusagro posts 23% drop in Q1 2023 sales

Rusagro produced 89,000 tons of pork in live weight in Q1, up by 14% compared with the same quarter of the previous year, mainly due to a production capacities increase in the facilities of Primorsky Krai

MOSCOW, April 24. /TASS/. Consolidated sales of Rusagro went down by 23% in Q1 to 49.4 bln rubles ($606 mln), the company reported on Monday.

"In 1Q 2023 Rusagro’s consolidated sales before intersegment eliminations reached 49.4 billion rubles. In comparison to 1Q 2022 sales decreased by 23% <…> mainly as the result of a decrease in revenue in the oil &fat segment due to lower selling prices amid falling global oil prices and the dollar/ruble exchange rate, as well as a decrease in sales volumes realized at high profitability due to a decrease in cost of goods sold," the company said.

Rusagro produced 132,000 tons of crude vegetable oil in the reporting period, which is 25% less than in the same quarter of the previous year. "The decrease is attributable to market conditions and difficulties with the vessels shipment due to ice situation in Astrakhan in January and February 2023," the company noted.

In 1Q 2023 sales of all key consumer product categories (bottled oil, consumer margarines, mayonnaise and mayonnaise-based sauces, cheeses, spreads, butter and cream) reached 67,000 tons, which is 11% less than in the same quarter of the previous year. The decrease was due to the effect of high base of 1Q 2022, when against the backdrop of geopolitical events and in anticipation of rising prices, there was an increased demand for products, the report said.

Rusagro produced 89,000 tons of pork in live weight in Q1, up by 14% compared with the same quarter of the previous year, mainly due to a production capacities increase in the facilities of Primorsky Krai.

Sugar sales fell by 17% in 1Q 2023 year-on-year to 148,000 tons. Sales volume of grain crops reached 88,000 tons, which is 51% less than in the same quarter of the previous year. Wheat sales decreased by 26% to 59,000 tons due to a decrease in demand in the domestic market, as well as the expectation of an increase in the dollar exchange rate and a reduction in duty or a revision of the mechanism for determining it. Sales of corn declined by 71% to 29,000 tons.

One of Russia’s leading producers of sugar, pork and fat-and-oil products, Rusagro Group supplies products to more than 80 Russian regions and 35 countries worldwide.

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