KSG Agro reports non-audited net margin of 81% in 2011

KSG Agro (KSG PW) reported its preliminary non-audited financials for 2011 in a current report yesterday: revenues were up 2.2x yoy to USD 34.7 mln, EBITDA up 2.5x yoy to USD 30.8 mln and profit up 2.8x yoy to USD 28.2 mln.

Yegor Samusenko: We believe these figures shed little light on actual on operating performance as both EBITDA and net income margins, at 89% and 81% respectively, look obviously boosted through gains from revaluation of biological assets, the details of which were not reported. Nevertheless, management’s inability to publish the annual report at the date previously announced (April 17) adds little to its credibility.