Rusagro bears losses

Rusagro reports its 1H2022 financial results. As follows from the company’s press-release, Rusagro revenue increased by 22% to 127.23 billion rubles (over $2 billion), while its net profit decreased by 99% to 166 million rubles (almost $2.7 million). Gross debt increased by 14% to 196.641 billion rubles (approximately $3.2 billion) and net debt — by 35% to 98.973 billion rubles (about $1.6 billion).

Its marketing activity also brought contradictory results. For example, sales of wheat fell by 46% to 194 thousand tons, soybeans — by 18% to 116 thousand tons, while sugar beet rose by 100% to 59 thousand tons.

During the spring sowing season of 2022, the Rusagro areas allocated for wheat decreased by 1% to 172 thousand hectares, for corn — by 5% to 29 thousand hectares, for sunflower — by 3% to 29 thousand hectares, however, sugar beet expanded by 4% to 93 thousand hectares, soybeans — by 4% to 204 thousand hectares, barley — by 95% to 0.9 thousand hectares.