Ros Agro, the UK-listed holding company behind Russian sugar-to-mayonnaise maker Rusagro Group, has reported a jump in nine-month profits.

Net profit for the period to the end of September stood at RUB12.62bn (US$265.6m), up sharply from the RUB1.88bn generated last year.

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Operating profit reached RUB11.92bn, compared to RUB1.82bn a year earlier.

Ros Agro booked a RUB9.39bn gain on the revaluation of biological assets and agricultural produce. Last year, it enjoyed a gain of RUB2.39bn.

Gains from trading sugar derivatives were also more than double than that achieved in the first nine months of 2013, hitting RUB293.9m, versus RUB124.3m a year earlier.

The group enjoyed a 79% jump in sales to RUB41.39bn, with sales rising across all of its divisions.

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CEO Maxim Basov said: “The company performed well in all business segments. The company expects to reach the highest annual EBITDA and net income in its history.”

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