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Ukrproduct Group Ltd - Jersey-based dairy foods and beverages producer and distributor in Ukraine - Shares suspended due to being unable to file 2021 results by the June 30 deadline, citing the ongoing war in Ukraine. Publishes trading update. 2021 turnover down 6.4% to £51.9 million from £55.5 in 2020 but up 0.6% in local currency. Earnings before interest, tax, depreciation and amortisation falls 22% to £1.1 million. Swings to a 2021 net profit of £300,000 from a net loss of £1.2 million in 2020.
Referring to 2021, firm says: ‘There was an acute, ongoing shortage of dairy raw materials, and an increase in imports of dairy products from abroad hampered the development of the Ukrainian dairy products market. Rising costs of raw materials and consumables, energy and transport have created additional problems. Increases in selling prices could not keep pace with the growth in costs and this has affected manufacturers in 2021.’
For 2022, company says 10 out of 24 Ukrainian regions ‘have experienced heavy military damage and overall, these ten regions supply 42% of raw milk in Ukraine.’ It adds: ‘As the Ukrainian sea ports have been blockaded by the Russian Navy, there is increased pressure on the remaining routes for export. Ukrproduct expects to make provisions for some of its distributors who operate in the regions engaged in military activities and cannot not pay on time.’
Current stock price: 3.00 pence, suspended
12-month change: down 44%
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