Cherkizovo Group’s 2010 net income up 21%
Poultry company’s profitability reaches 27% gross margin
The Cherkizovo Group, one of Russia’s top poultry meat producers, announced full-year audited financial results for the period ended December 31, 2010, with net income increasing 21% to $144.4 million from $119.4 million. Group gross margin was 27%.
The company also reported that revenues increased 17% to $1,188.2 million from $1,019.2 million for 2010, and the adjusted Earnings Before Interest, Taxes, Depreciation and Amortization increased 20% to $218.7 million from $182.3 million.
The Cherkizovo Group, which acquired a 100% controlling interest in the Zarechnaya, Russia, poultry facility and recently launched the Rosha and Komarovka broiler breeding sites in Russia, expects to achieve significant production volume increases in 2011, according to Sergey Mikhailov, CEO of the group.