Russian meat processor Cherkizovo has posted a set of robust first-half profits thanks to strong margins and rising volumes.
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The London-listed company said today (28 September) that gross profits leapt 51% to US$94.5m during the six months to the end of June. Turnover rose 21% to $343.1m
CEO Sergey Mikhailov said Cherkizovo had made an “excellent start” to the year. “We have delivered on all fronts. We have a clear and proven strategy for the business to grow profits and margins through a combination of organic growth in the Russian market, driving costs out of the business and deriving synergistic benefits from acquisitions within our fragmented markets.”
Last month, Cherkizovo became Russia’s largest poultry processor worth the acquisition of OAO Chicken Kingdom for $143m.
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