Ukraine's MHP S.A. reported a net income of US$122 million for the second quarter of 2012, an 83 percent increase over the same time in 2011 (US$67 million), according to the company's latest financial report.

The average chicken meat price in the second quarter increased by 4 percent compared to the first quarter of 2012 and by 25 percent — to UAH 17.48 (US$2.15) per kilogram of adjusted weight — compared to the second quarter of 2011. The volume of exported chicken in the second quarter grew, partially due to new business in Africa. As a result, MHP saw 30 percent growth in the first half of 2012 compared to the same period in 2011, to almost 200,000 metric tons of frozen chicken exported.

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“The company has continued to perform strongly in results and operations in the first half of 2012," said Yuriy Kosyuk, CEO. "Poultry prices growth in the first half of 2012 was strong, as previously forecasted. As a result, we have delivered robust revenues and EBITDA (earnings before interest, taxes, depreciation and amortization) growth in the poultry business segment, which greatly contributed to the company’s overall profitability."

Looking ahead, MHP plans to continue to expand its export markets and see strong demand, said Kosyuk.