13:23 18.10.2017

MHP sees 13% fall in poultry sales in Q3 2017

MHP sees 13% fall in poultry sales in Q3 2017

 Myronivsky Hliboproduct (MHP) sold 134,890 tonnes of chicken meat to third parties in July-September 2017, which is 13% less than a year ago.

According to a company report on the London Stock Exchange (LSE) on Wednesday, the decline in sales is linked to a fall in MHP's poultry stocks to around 21,000 tonnes early Q3 2017 compared with 46,300 tonnes a year ago.

"MHP's poultry stocks at the end of Q3 2017 are the lowest historically as a per cent of monthly production volume," the company said.

Poultry production fell by 2% in Q3 2017, to 137,000 tonnes.

In January-September 2017, MHP increased poultry sales to third parties by 4%, to 419,080 tonnes with a 0.3% fall in production, to 424,700 tonnes.

During Q3 2017 the volume of chicken meat exports totaled 52,990 tonnes, which is by 8% lower compared to Q3 2016 due to significantly higher sales of stocks during the period last year. During 9M 2017, poultry exports increased by 23% compared to 9M 2016 and reached 176,015 tonnes.

MHP continued to follow a strategy of both geographic diversification and a product mix optimization building-up its export volumes of chicken meat mainly in the EU and African countries as well as to UAE and Saudi Arabia. Out of total poultry sales volumes, poultry exports in 9M 2017 constituted around 42% vs 35% in 9M 2016.

According to the report, through the third quarter of 2017 the average chicken meat price (both domestic and export) constituted UAH 37.88 per 1 kg of natural weight (excluding VAT), increased by 30% year-on-year and by 15% compared to Q2 2017. In 9M 2017 average chicken meat price was UAH 34.06, which is 23% higher than in 9M 2016.

The increase in price year-over-year is mainly driven by export price growth as a result of product mix optimization undertaken by the company in line with its export strategy.

In Q3 2017, MHP's sales of sunflower oil decreased by 14% to 76,811 tonnes compared to 89,600 tonnes in Q3 2016, mainly due to the increased oil content in sunflower cake and improvement in conversion ratio (kg of grains per kg of bird). In 9M 2017 sunflower oil exports constituted 243,826 tonnes, which is 4% lower year-over-year.

In Q3 2017, soybean oil export sales were at 8,225 tonnes, 20% lower year-on-year, and accumulatively for 9M 2017- 22,530 tonnes, 7% lower year-on-year, as a result of improvement in conversion ratio. MHP also sells soybean cake to third parties.

In the third quarter of 2017, sausage and cooked meat sales volumes increased by 5% to 9,920 tonnes. In 9M 2017 sausage and cooked meat sales volumes increased by 10% to 27,170 tonnes. Average sausage and cooked meat prices during the third quarter of 2017 increased by 16% to UAH 49.82 per kg excluding VAT. In 9M 2017 the average price increased by 12% to UAH 46.96 per kg excluding VAT.

As of today, MHP harvested around 94% of sunflower with current yield 3.2 t/ha, around 42% of corn with current yield 7.1 t/ha and around 80% of soya with yield 2.1 t/ha (yields are in bunker weight).

Sowing campaign of winter crops is on track and almost complete.

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