Rusagro shares up 5%

Shares of Russian agro-industrial company Rusagro at the afternoon trading on Tuesday, May 11, momentarily rose by 5.08% to 913.4 per Global Depositary Receipt (GDR). At the time of preparation of the material securities corrected to 908.8 rubles per piece.

Stock quotes of Rusagro began to rise sharply after the publication of financial results for the first quarter of 2021. The organization’s revenue increased by 23% year-on-year to 61.5 billion rubles. Adjusted EBITDA reached 16.88 billion rubles, which means a 51% growth by the same period of 2021.

The company’s net profit fell 66% to RUB 2.24 bln, down from RUB 6.52 bln last year.

According to Rusagro’s head Timur Lipatov, the net profit fell due to foreign exchange losses caused by the blocking of cash by European banks. He also attributed the strong revenue growth to increased sales in all business areas, except for sugar, RBC writes.


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