Ovostar Union, a leading egg producer in Ukraine, saw a 29% fall in net profit in 2016, to $22.5 million.

According to a report of the company published on Thursday, revenue last year grew by 3%, to $77.7 million, and gross profit fell by 19%, to $26.1 million.

Earnings before taxes, depreciation and amortization (EBITDA) decreased by 31%, to $24.1 million.

Assets grew by 9%, to $110 million, noncurrent liabilities narrowed by 14%, to $12.2 million and current liabilities grew by 18%, to $9.4 million.

The company said that despite the decline in total industrial egg production in Ukraine over 2016, the company increased the volume of eggs produced by 24% and expanded its share to almost 1/5th of the Ukrainian market.

"Over the year our geography of sales has expanded by a number of EU countries, which share in ex-port revenue reached 20% in 2016. The export sales allowed us to partially offset the impact of Ukrainian hryvnia devaluation. In 2017 we will continue developing our export markets in order to diversify the country and currency risks," CEO Borys Belikov said.

Net debt of the company in 2016 dropped by 49%, to $3.1 million, net debt/EBITDA ratio was 0.13x.

Ovostar occupied 18% of the industrial egg production market in Ukraine, 23% is the company's share in production of dry egg products in Ukraine and 97% in production of liquid egg products in Ukraine.

The egg segment generated 69% ($53.6 million) of total revenue, while the egg product segment brought $21.1 million of revenue. Export revenue grew by 11%, to $24 million. The share of sales in Ukraine was 69% of total sales, while the share of the Middle East was 24%, the EU – 6% and other countries – 1%.