MOSCOW, May 22. /TASS/. Net profit of Rusagro under International Financial Reporting Standards climbed almost 2.8-fold in Q1 2023 year-on-year to 5.4 bln rubles ($67 mln), the company reported on Monday.

Revenue fell by 23% in the reporting period to 47.4 bln rubles ($592 mln), adjusted EBITDA lost 56% to 7.1 bln rubles ($88 mln). EBITDA margin decreased to 15% from 26% in Q1 2022.

Net debt as of March 31, 2023 amounted to 83.6 bln rubles ($1 bln).

"In 1Q 2023 sales of the group decreased in all business segments except Meat, mainly due to a decrease in sales prices triggered by a drop in world prices and USD/RUB exchange rate from a high level in 1Q 2022, as well as the postponement of sales of agricultural products due to late harvesting," CEO Timur Lipatov was quoted as saying.

"Adjusted EBITDA declined in line with revenue across all business segments due to the pressure of lower selling prices. This drop was compensated by the growth in production volumes both in Primorie after the launch of the pork production cluster, and due to the efficiency increase in the Central region. Despite the decline in adjusted EBITDA, Rusagro showed a 176% increase in net income and a significant decrease in net debt by 16%," he added.

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.