Russian meat and poultry company Cherkizovo during the first half of fiscal year 2017 saw its net profits grow by more than five-fold, while also increasing its sales volume for its poultry, pork and meat processing divisions.

The company on August 23 reported its financial results for the first half of the fiscal year, which ended on June 30.

It’s net profit for the period reached RUB5.1 billion (US$84.4 million), compared to RUB900 million (US$15.3 million) for the same period of the 2016 fiscal year.

“We continued to see a stronger financial performance during the second quarter, following an excellent set of results in the previous quarter, buoyed by a stronger ruble,” Cherkizovo CEO Sergei Mikhailov stated.

Poultry division results

Cherkizovo’s sales volume for its Poultry division was reported at 254,911 metric tons, an increase of 1 percent when compared to the first half of fiscal year 2016.

The company reported that the increase was due to growth in production, leading to increased output volumes. Cherkizovo also noted that during the same period in 2016, the company decided to sell excess inventory due to market volatility, which boosted sales volumes.

Pork division results

Cherkizovo’s Pork division saw its sales volume increase by 13 percent on a year-over-year basis. Volume for the most recent six-month period was 98,369 metric tons, while the volume for the same period of 2016 was 86,902 metric tons.

The volume growth was attributed to higher production levels following the launch of two new wean-to-finish sites in the Voronezh region in 2016, as well as ongoing genetics improvements.

Meat processing division

The sales volumes for the meat processing division increased by 4 percent on a year-over-year basis, going from 102,898 metric tons to 107,314 metric tons. Expansion into the Ural and Northwest regions contributed to that growth, the company stated.