MOSCOW, August 5. /TASS/. Rusagro net profit under IFRS in the Q2 2024 decreased by 78% year-on-year to 1.745 bln rubles ($20.57 mln), the company said.

Net profit in the first half of 2024 decreased by 74% to 3.485 bln rubles ($41.09 mln). According to the company, net profit was affected by the revaluation of biological assets and agricultural products.

Rusagro revenues increased by 20% to 70.734 bln rubles ($834.03 mln), while its adjusted EBITDA decreased by 23% to 6.499 bln rubles ($76.69 mln).

According to the results for the first half of the year, revenues increased by 30% to 139.043 bln rubles ($1.64 bln), adjusted EBITDA decreased by 12% to 13.802 bln rubles ($162.88 mln). Net debt as of June 30 amounted to 61.623 bln rubles ($727.23 mln).

Rusagro is one of Russia’s top agribusinesses, with leading positions in sugar production, pig farming, production of crops, oil, and fats. The group owns 685,000 hectares of land.

The company sells its products in over 80 Russian regions and in more than 49 countries around the world.