Net profit of MHP S.A., the holding company of Myronivsky Hliboproduct (MHP) agricultural holding was $69 million in 2016 compared to net loss of $113 million in 2015.

According to a company report posted on the London Stock Exchange (LSE) on Wednesday, revenue last year grew by 7%, to $1.135 billion.

Gross profit rose by 6%, to $362 million from $342 million in 2015. Operating profit fell by 9%, to $317 million from $347 million.

"The main reason of the decline in operating profit is our performance in the poultry segment. Global poultry prices in 2016 were lower than in 2015. Expenses on poultry production in Ukraine grew due to a rise in the prices of grain," CFO Viktoria Kapeliushna told Interfax-Ukraine.

Earnings before taxes, depreciation and amortization (EBITDA) in 2016 fell by 5%, to $415 million and EBITDA margin – from 41% to 37%.

" Financial results are in line with management's expectations, with EBITDA of US$ 415 million and EBITDA margin of 37%," MHP CEO Yuriy Kosiuk said.

Exports revwnue grew by 21.2%, to $635 million (56% of total revenue). The foreign exchange loss in 2016 was $145 million.

According to the company's report, net loss in Q4 2016 fell almost 67%, reaching $28 million. The foreign exchange loss in Q4 2016 was $55 million.

Revenue in Q4 2016 grew by 24%, to $313 million. Exports revenue rose by 52.5%, to $180 million (58% of total revenue).

EBITDA grew by 5.9% in Q4 2016, to $72 million and EBITDA margin fell by 4%.

Among MHP targets for 2017 is to start the construction of phase 2 of the Vinnytsia project with the ultimate aim of elevating production to around 730,000 tonnes per year by 2020.

Net debt as of late 2016 was $1.08 billion compared to $1.22 billion in 2015. The net debt/EBITDA ratio was 2.6 compared to 2.8 in 2015.

Kapeliushna said that since early 2017 the company has not received subsidies from the state.

"No one received subsidies. The mechanisms for receiving them are being drawn up. I am sure that in the first quarter the subsidies would not be provided," she said.

MHP is the largest poultry producer in Ukraine. It also deals with production of grain, sunflower oil and meat.