FES-Agro shows great 1Q2020 financial results
FES-Agro has published its financial results for the first quarter of 2020. Its revenue increased by 74% to 2.988 billion rubles (approximately $39.7 mln) while the net profit gained by 32% to 123 million rubles ($1,6 mln).
“In 2020 we will continue following our strategy responding to the situation our world has faced this year,” said the president of FES-Agro Alexander Mikhailov commenting on company’s financials. “Current economic environment is a challenge for our company, which I’m sure we will address. Our team has accumulated knowledge and experience while overcoming previous crises. They helped us to build a business with a sufficient margin of safety. Therefore, we can confidently carry out all our obligations towards suppliers, clients and employees. A good instance of the company’s stability is revenue growth in the first quarter-end of 2020 compared to the same period last year.”
The company reports that senior vice-president of commerce Alexander Yalovoy has decided to leave his duty. The president of FES-Agro Alexander Mikhailov has taken over the management of the commercial department. During the year, the management plans to find a suitable candidate and appoint a new head of the commercial department.