Ukraine shell egg and egg product producer Avangardco Investments Public Limited has reported net profit growth of 45.6 percent year-on-year, to US$97.6 million, compared to US$67 million in the first half of 2011, according to the company's latest financial report.
The company's total flock increased by 6.2 percent, to 25.9 million, compared to 24.4 million in the first half of 2011. The number of laying hens increased by 9.6 percent to 20.6 million (compared to 18.8 million). Production of shell eggs were up 8 percent, to 3.106 billion units, and sales to external clients increased by 12.8 percent to 2.412 billion unites compared to 2011's 2.139 billion units, said Avangardco. The production of dry egg products increased, as well, by 22.4 percent to 7.1 thousand tons (compared to 5.8 thousand tons in the first half of 2011), or the equivalent of 541 million eggs.
“I am pleased to report a strong first-half performance, with all key financial metrics significantly ahead of the same period last year, which shows the effectiveness of our chosen strategy," said Nataliya Vasylyuk, CEO. "Despite the presence of the substantial price growth of eggs and egg products, demand for our products continued to increase. Due to this, the company was able to significantly increase its exports to the Middle East, North Africa and Asia, as well as to increase sales of its products in the domestic market."
Avangardco plans to continue its plans for expansion into international markets and maintain market leadership in Ukraine in the second half of 2012.