Kuban Agroholding reports increase in net profit
by World Grain Staff
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UST-LABINSK, RUSSIA — Kuban Agroholding, one of Russia’s largest agribusinesses, announced on April 10 net profit of $23 million, a 14% increase, for 2013.
Revenue was $210 million, down from $224 million in 2012. Winter grains production increased to 198,000 tonnes from 135,000 tonnes in 2012 to; sunflower production increased to 22,400 tonnes from 25,500 tonnes; corn production increased to 58,000 tonnes from 43,000 tonnes; and soybean production increased to 30,000 tonnes from 25,700 tonnes.
“Despite a decrease in pork prices and worsened quality of wheat affected by adverse weather conditions in 2013, we have achieved a significant net profit increase,” said Anton Ulanov, chief executive officer, Kuban Agroholding. “Profitability has grown due to high output of tilled and industrial crops and growth in premium quality milk production.”