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Russia's Cherkizovo sees pork sales rise 13 pct in Jan-Sept
October 26, 2017 / 10:22 AM / 23 days ago

Russia's Cherkizovo sees pork sales rise 13 pct in Jan-Sept

MOSCOW, Oct 26 (Reuters) - Russia’s biggest meat producer Cherkizovo said its pork sales rose 13 percent during the first nine months of this year from a year earlier, helped by increased production.

Russian food producers have seen domestic business surge over the past couple of years since Moscow banned Western food imports in retaliation for Western sanctions imposed in 2014 over Russia’s role in the Ukraine crisis.

Russia has significantly increased production of apples and other fruits, as well as vegetables and meat, and has started to actively move into sea food production.

Cherkizovo, in which Spanish agricultural holding company Grupo Fuertes owns a 8 percent stake, said sales at its poultry division rose 4 percent in January-September, while meat processing sales increased by 5 percent.

It produced 148,700 tonnes of pork during the period.

The Moscow-based company expanded pork production in the central Russian regions of Voronezh and Lipetsk this year, but did not say by how much.

Cherkizovo CEO Sergei Mikhailov told RBC Daily newspaper in June that his company aimed to produce around 1 million tonnes of meat products this year, and targeted almost doubling earnings before interest, tax, depreciation and amortisation (EBITDA) from last year’s 10.3 billion roubles.

Shares in Cherkizovo were down 0.2 percent after the results, slightly outperforming a 0.3 percent fall in Moscow’s broader MICEX index.

$1 = 57.6654 roubles Reporting by Olga Popova; Writing by Katya Golubkova; Editing by Susan Fenton

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