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Rusagro posts 16% decrease in 1H revenue to $1.2 bln

Rusagro Group supplies products to more than 80 Russian regions and 35 countries worldwide

MOSCOW, July 24. /TASS/. Consolidated revenue of Rusagro decreased by 16% in 1H 2023 year-on-year to 109.6 bln rubles ($1.2 bln), the company reported on Monday.

Q2 revenue amounted to 60.192 bln rubles ($664 mln), down by 10% year-on-year. Rusagro produced 140,000 tons of crude vegetable oil in Q2, down by 23% than in the same quarter of the previous year "mainly due to the shutdown of the Balakovo oil extraction plant on May 23 for modernization," the report said. Sales of industrial fat and dairy products totaled 305,000 tons in the reporting period, down by 6% year-on-year.

Rusagro produced 272,000 tons of crude vegetable oil in 1H 2023, a 24% decrease year-on-year, the company said. Production volume of pork in live weight for slaughtering added 9% to 175,000, while sugar production was flat at 104,000 tons.

Meal sales decreased by 17% in Q2 2023 year-on-year to 124,000 tons, while sales of bulk oil fell by 5% to 102,000 tons. Meanwhile sales of industrial fats grew by 25% to 76,000 tons.

Grain sales volume amounted to 198,000 tonnes in 2Q 2023, up by 58% year-on-year. Oil crops sales soared by 458% in the reporting period to 110,000 tons due to a 549% rise in soybean sales.

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.

Net profit of Rusagro under International Financial Reporting Standards (IFRS) dropped by 84% in 2022 compared with 2021 to 6.787 bln rubles ($99 mln).

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