MHP ups 1Q12 EBITDA 1.5x yoy

MHP (MHPC LI), Ukraine’s leading poultry and agro producer, reported 1Q12 financials this morning. Net revenues grew 21% yoy to USD 298 mln, driven by poultry sales (+32% yoy in monetary terms) on 31% yoy growth in average poultry price (flat qoq). Another revenue contributor was the company’s grain segment (up 3.7x yoy in monetary terms), while sales of sunflower oil dropped 18% yoy solely on a price decline. EBITDA grew 48% yoy to USD 84 mln, with poultry-related operations being the only contributor (the segment’s EBITDA amounted to USD 86 mln, up 52% yoy). EBITDA/kg of poultry grew 50% yoy to USD 1.01. In its operating update, the company issued guidance of 250,000 ha in grain planting this year (flat yoy) and shared its plan to launch its Vinnitsya project in “test mode” as soon as June 2012. MHP will hold a conference call today at 15:00 CET, notably at the same time as a pre-announced conference call by Kernel (KER PW).