Sodrugestvo has released its fiscal year 2010 results.
The company reported a significant increase in its net profit from 2009, at $32 million compared to last year's $3 million. Overall revenues were slightly up; $857 million in 2010 compared to $845 million in 2009.
The company's strategy has been to improve operations and control costs. "Despite the continuation of the global economic downturn, our business stays strong as costs remain under control and we are gradually seeing the impact of the large investments we made over the last few years," said Stephane Frappat, CEO of Sodrugestvo. "We plan to continue to invest in Russia and to grow our facility in Kaliningrad into a major specialized hub for the export and import of agricultural commodities from and to the Baltic region and the former Soviet Union, as well as seek external expansion opportunities."
European Union sales, said Frappat, represent nearly 40% of the company's total revenues.