MOSCOW, May 13. /TASS/. Net profit of Rusagro under International Financial Reporting Standards (IFRS) fell by 68% in Q1 2024 year-on-year to 1.74 bln rubles ($19 mln), the agriculture holding reported.

Revenue rose by 44% in the period to 68.309 bln rubles ($744 mln).

Adjusted EBITDA amounted to 7.303 bln rubles ($79.5 mln), which is 2% higher than in the same period in 2023. Adjusted EBITDA margin went down to 11% in Q1 2024 compared to 15% in Q1 2023.

Net debt totaled 62.765 bln rubles ($683 mln) as of March 31, 2024.

"In 1Q 2024 Rusagro's revenue significantly increased mainly following the growth in production of crude oil and meal in Oil and Fat business and due to consolidation of NMGK Group results starting from the second half of 2023. Additionally, the dynamics of pork market prices and the growth of sugar sales volumes following the growth of processed volumes of sugar beet positively impacted the revenue," Rusagro CEO Timur Lipatov was quoted as saying.

One of Russia’s leading producers of sugar, pork and fat-and-oil products, Rusagro Group supplies products to over 80 Russian regions and more than 49 countries worldwide.