- Ros Agro said sales had increased in the first half of the year as its agriculture segment benefited from high sales prices thanks partly to an increase in export sales.

For the six months ended 30 June 2019, Sales rose to RR 73,548m (US$ 1,129m), an increase of RR 40,733m compared to a year ago, while adjusted earnings (EBITDA) rose to RR 8,809m (US$ 135m), an increase of RR 3,038m compared to a year earlier.

'The second quarter of 2019 showed good results as sales and adjusted EBITDA of the Group continued to improve,' said Maxim Basov, a member of the Board of Directors of ROS AGRO PLC and CEO of the Group.

'Meat segment was negatively influenced by increase in livestock pigs cost due to feed cost growth. Sugar segment faced EBITDA margin decrease due to high sugar prices during 2018 production season and, as result high sugar beet cost, and decrease in sugar prices in Q2 2019 due to market expectations related to overproduction.'

'Oil & Fats segment sales were triggered by the growth of SolPro products sales related to tolling agreement with SolPro plants. However, the margin of this segment dropped due to the lack of EBITDA from SolPro assets on Ros Agro balance, which is compensated through interest income below EBITDA.'

'All the SolPro plants have been rented by Ros Agro starting from 01.07.2019 and EBITDA margin is expected to rise in 2H 2019.'

Story provided by