ROS AGRO PLC trading update 1Q 2024
TRADING RESULTS 1Q 2024
Rusagro's revenue structure* for 1Q 2024
million roubles | Sugar segment | Meat segment | |||
10,607 | |||||
12,429 | |||||
+45% | -1%Y-o-Y | ||||
+32% Y-o-Y | |||||
Agriculture segment | |||||
15% | |||||
71,718 | 17% | 4,306 | |||
-27%Y-o-Y | |||||
49,389 | 6% | ||||
71,718 | |||||
NMGK | 20% | mln rub. | |||
14,520 | |||||
1Q 2023 1Q 2024 | 42% | Oil & Fat segment | |||
29,856 | |||||
+28% Y-o-Y |
In 1Q 2024 Rusagro's consolidated sales before intersegment eliminations reached 71,718 mln roubles. In comparison to 1Q 2023 sales increased by 45% (+22,328 mln
roubles).
Rusagro's revenue improved amid sales volume growth in oil & fat business. Additional growth factor was the consolidation of NMGK Group (+14,520
mln roubles).
SUGAR SEGMENT
Production of sugar
thousand tonnes
In 1Q 2024 Rusagro produced 129 thousand tonnes of sugar, which is 88%
600(+60 thousand tonnes) higher than it was produced during the same quarter of the previous year.
Production increased due to higher volume of sugar beet processing in 2023/2024 season compared to 2022/2023 season.
+88% | 224 | |||||||||
129 | 129 | |||||||||
69 | 69 | 35 | ||||||||
1Q 2023 | 1Q 2024 | 1Q 2023 | 2Q 2023 | 3Q 2023 | 4Q 2023 | 1Q 2024 |
Sales volume of sugar
thousand tonnes
477
+26% | 233 | ||||
187 | 208 | 187 | |||
148 | 148 | ||||
In 1Q 2024 in comparison to the same quarter of the previous year sugar sales volume expanded by 26% (+39 thousand tonnes) to 187 thousand tonnes.
Sugar sales were carried out in line with market conditions, however, sales volume growth was boosted by production improvement.
1Q 2023 | 1Q 2024 | 1Q 2023 | 2Q 2023 | 3Q 2023 | 4Q 2023 | 1Q 2024 |
1
* Sales before intersegment eliminations and account for other sales.
ROS AGRO PLC trading update 1Q 2024
OIL & FAT SEGMENT and NMGK SEGMENT
Production of Crude vegetable oil
thousand tonnes
+124% | NMGK: Bulk oil | |||||
Bulk oil | ||||||
296 | 277 | 296 | ||||
88 | 86 | 88 | ||||
169 | ||||||
132 | 132 | 140 | ||||
69 | ||||||
208 | 191 | 208 | ||||
100 |
In 1Q 2024 Rusagro produced 296 thousand tonnes of crude vegetable oil, which is 124% (+164 thousand tonnes) higher year-over-year.
The dynamics is attributed to the growth of Oil & fat business after Balakovo oil extraction plant modernisation and consolidation of volumes at NMGK Group, which produced 88 thousand tonnes of crude vegetable oil.
1Q 2023 | 1Q 2024 | 1Q 2023 | 2Q 2023 | 3Q 2023 | 4Q 2023 | 1Q 2024 |
Sales volume of industrial Oil & Fat and dairy products
thousand tonnes
NMGK: Industrial fats | Industrial fats | |||||||||||||||||||||||||||||||
NMGK: Bulk oil | Bulk oil | |||||||||||||||||||||||||||||||
NMGK: Meal | Meal | |||||||||||||||||||||||||||||||
Dry mixes | ||||||||||||||||||||||||||||||||
+102% | ||||||||||||||||||||||||||||||||
538 | 538 | |||||||||||||||||||||||||||||||
16 | 497 | 16 | ||||||||||||||||||||||||||||||
60 | 47 | 15 | 60 | |||||||||||||||||||||||||||||
80 | 370 | 80 | 80 | |||||||||||||||||||||||||||||
4 | 4 | |||||||||||||||||||||||||||||||
17 | ||||||||||||||||||||||||||||||||
78 | 305 | 4 | 78 | |||||||||||||||||||||||||||||
60 | ||||||||||||||||||||||||||||||||
266 | 266 | 3 | 80 | |||||||||||||||||||||||||||||
3 | 111 | 3 | 75 | 65 | 111 | |||||||||||||||||||||||||||
76 | 76 | 4 | 108 | |||||||||||||||||||||||||||||
54 | 54 | 102 | 85 | |||||||||||||||||||||||||||||
190 | 50 | 162 | 190 | |||||||||||||||||||||||||||||
133 | 133 | 124 | ||||||||||||||||||||||||||||||
89 | ||||||||||||||||||||||||||||||||
1Q 2023 | 1Q 2024 | 1Q 2023 | 2Q 2023 | 3Q 2023 | 4Q 2023 | 1Q 2024 |
Sales of industrial oil & fat and diary products in 1Q 2024 amounted to 538 thousand tonnes, which is 102% (+272 thousand tonnes) higher than in 1Q 2023.
Sales of bulk oil rose by 106% (+57 thousand tonnes), sales of meal improved by 42% (+56 thousand tonnes), sales of industrial fats increased by 3% (+2 thousand tonnes). The key growth driver is production volume expansion of bulk oil and meal due to modernisation of Balakovo oil extraction plant.
In 1Q 2024 NMGK sold a total of 155 thousand tonnes of industrial fat and oil products.
Sales volume of consumer Oil & Fat and dairy products
thousand tonnes | NMGK: Consumer Oil & Fat products | ||||||||||||||||||||||
Consumer Dairy products | |||||||||||||||||||||||
+84% | Consumer Oil & Fat products | 150 | |||||||||||||||||||||
125 | 130 | 125 | |||||||||||||||||||||
57 | |||||||||||||||||||||||
49 | 55 | 49 | |||||||||||||||||||||
68 | 68 | 78 | 4 | ||||||||||||||||||||
4 | 4 | 4 | |||||||||||||||||||||
5 | |||||||||||||||||||||||
3 | 3 | 88 | |||||||||||||||||||||
72 | 73 | 70 | 72 | ||||||||||||||||||||
65 | 65 | ||||||||||||||||||||||
1Q 2023 | 1Q 2024 | 1Q 2023 | 2Q 2023 | 3Q 2023 | 4Q 2023 | 1Q 2024 |
In 1Q 2024 sales of key categories of consumer products of Rusagro's Oil & fat business (bottled oil, margarines, mayonnaise and sauces based on it, ketchups, cheese, spreads, butter, cream and others) totaled 125 thousand tonnes,
which is 84% (+57 thousand tonnes) higher
than in 1Q 2023. The growth was driven by the expansion of presence in national trade networks and increase in exports, as well as by consolidation of NMGK Group, which sold 49 thousand tonnes of consumer oil & fat products.
2
ROS AGRO PLC trading update 1Q 2024
MEAT SEGMENT | |||||||||||||
Production of pigs | |||||||||||||
thousand tonnes, in live weight for slaughtering | In 1Q 2024 Rusagro produced 73 thousand | ||||||||||||
-17% | tonnes of live weight pork for slaughtering, | ||||||||||||
which is 17% (-15 thousand tonnes) lower | |||||||||||||
89 | 89 | 86 | 79 | 80 | |||||||||
73 | 73 | than in the same quarter of previous year. | |||||||||||
The decrease in volume was due to birth | |||||||||||||
rate decline amid the ASF outbreak in | |||||||||||||
Primorsky Krai in 2023. | |||||||||||||
1Q 2023 | 1Q 2024 | 1Q 2023 | 2Q 2023 | 3Q 2023 | 4Q 2023 | 1Q 2024 |
Sales volume of pork products
thousand tonnes
-19% | 74 | ||||||
72 | 72 | 68 | 66 | ||||
58 | 58 | ||||||
1Q 2023 | 1Q 2024 | 1Q 2023 | 2Q 2023 | 3Q 2023 | 4Q 2023 | 1Q 2024 |
AGRICULTURE SEGMENT
Sales volume of grain crops
In 1Q 2024 compared to the same quarter of previous year, sales volume of pork decreased by 19% (-14thousand tonnes) to 58 thousand tonnes.
Sales decline is attributed to the postponed effect of the ASF outbreak in Primorsky Krai in 2023.
The decrease in sales affected less marginal categories to a greater extent - pork by live weight and half carcasses.
The decline in large cuts and offal was minimal.
thousand tonnes | Barley | Corn | Wheat | Sales volume of grain crops in 1Q 2024 was | |||||||||||||||||||||||||||||||||||
436 | |||||||||||||||||||||||||||||||||||||||
428 | 186 thousand tonnes, which is 2,1 times | ||||||||||||||||||||||||||||||||||||||
54 | 1 | 30 | (+98 thousand tonnes) | higher than | 1Q | ||||||||||||||||||||||||||||||||||
+112% | 32 | 2023 level. | |||||||||||||||||||||||||||||||||||||
186 | 198 | 186 | Main contribution to | the growth | was | ||||||||||||||||||||||||||||||||||
12 | 63 | 0 | 381 | 366 | 12 | provided by significant increase in wheat | |||||||||||||||||||||||||||||||||
19 | 19 | ||||||||||||||||||||||||||||||||||||||
88 | 88 | ||||||||||||||||||||||||||||||||||||||
sales by 163% (+96 thousand tonnes) amid | |||||||||||||||||||||||||||||||||||||||
0.1 | 155 | 0.1 | 155 | ||||||||||||||||||||||||||||||||||||
29 | 59 | 29 | 135 | ||||||||||||||||||||||||||||||||||||
59 | sale of a large part of stocks following | ||||||||||||||||||||||||||||||||||||||
1Q 2023 | 1Q 2024 | 1Q 2023 | 2Q 2023 | 3Q 2023 | 4Q 2023 | 1Q 2024 | rouble depreciation. |
Sales volume of oil crops
thousand tonnes | Sunflower | Soy | ||||||||||||||||||
342 | ||||||||||||||||||||
-60% | 79 | |||||||||||||||||||
127 | 127 | 110 | 264 | |||||||||||||||||
70 | ||||||||||||||||||||
40 | 51 | 40 | 16 | 3 | 51 | |||||||||||||||
86 | 46 | 5 | 86 | 94 | 67 | 46 | 5 | |||||||||||||
1Q 2023 | 1Q 2024 | 1Q 2023 | 2Q 2023 | 3Q 2023 | 4Q 2023 | 1Q 2024 |
Sales volume of sugar beet
Sales of oil crops in 1Q 2024 stood at 51
thousand tonnes, which is 60% (-76
thousand tonnes) lower compared to the same quarter of the previous year.
The decline in sales volume in 1Q 2024 was due to higher stocks at the beginning of 1Q 2023 amid unfavorable weather conditions for harvesting in the fall of 2022.
thousand tonnes
3 797
1 103 | ||||||
494 | 494 | |||||
0 | 0 | 0 | ||||
1Q 2023 | 1Q 2024 | 1Q 2023 | 2Q 2023 | 3Q 2023 | 4Q 2023 | 1Q 2024 |
In 1Q 2024 sales there were no sugar beet sales. The discrepancy with the same period of previous year is due to a shift in the schedule for harvesting and selling of sugar beet to January-February 2023 amid adverse weather conditions in 4Q 2022.
3
ROS AGRO PLC trading update 1Q 2024
Trading results of 1Q 2023
thousand tonnes
Item | 1Q 2024 | 1Q 2023 | Change, % |
Total sales*, RUB million | 71,718 | 49,389 | 45% |
Oil & Fat Segment, thousand tonnes | |||
Production volume of crude vegetable oil | 208 | 132 | 57% |
Sales volume of consumer products, including: | 76 | 68 | 13% |
oil & fat products | 72 | 65 | 11% |
dairy products | 4 | 3 | 34% |
Sales volume of industrial products, including: | 383 | 266 | 44% |
meal | 190 | 133 | 42% |
bulk oil | 111 | 54 | 106% |
industrial fats | 78 | 76 | 3% |
dry whey mixes | 4 | 3 | 30% |
NMGK, thousand tonnes | |||
Production volume of crude vegetable oil | 88 | - | - |
Sales volume of consumer products, including oil | 49 | - | - |
& fat products | |||
Sales volume of industrial products, including: | 155 | - | - |
meal | 80 | - | - |
bulk oil | 60 | - | - |
industrial fats | 16 | - | - |
Meat Segment, thousand tonnes | |||
Production volume of pork in live weight for | 73 | 89 | (17%) |
slaughtering | |||
Sales volume of pork products | 58 | 72 | (19%) |
Sugar Segment, thousand tonnes | |||
Production volume of sugar | 129 | 69 | 88% |
Sales volume of sugar | 187 | 148 | 26% |
Agriculture Segment, thousand tonnes | |||
Sales volume of grain crops, including: | 186 | 88 | 112% |
wheat | 155 | 59 | 163% |
corn | 19 | 29 | (34%) |
barley | 12 | 0 | - |
Sales volume of oil crops, including: | 51 | 127 | (60%) |
sunflower | 5 | 40 | (87%) |
soybeans | 46 | 86 | (47%) |
Sales volume of sugar beet | 0 | 494 | (100%) |
* Sales before intersegment eliminations and account for other sales.
Comment: Since some indicators and percentages in the diagrams and texts of the press release were rounded to the nearest whole number,
the sum of the rounded values may not fully match the totals. Further, calculations of changes were derived from the pre-rounded indicators 4 and may therefore not fully match the changes calculated with the rounded values.
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Rusagro plc published this content on 22 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 April 2024 07:09:07 UTC.