- MHP gained USD 238 mn of net profit for the nine months of 2017
The UX index decreased by 0.2% yesterday and the PFTS index was down by 0.1% (in UAH terms). The WIG-Ukraine index decreased by 0.3%. On the interbank exchange market, the USD/UAH was down by 0.1% to UAH 26.48 (mid price), according to Thomson Reuters. The official exchange rate reported by the NBU was UAH 26.50
MHP gained USD 238 mn of net profit for the nine months of 2017
As was reported in the MHP’s unaudited report for the nine months of 2017, the Company’s total revenue increased by 18.1% y/y, while its net profit grew by 149% y/y. During the period, the Company’s total assets and total equity increased by 3.3% and 26.8% respectively, while total liabilities reduced by 8.4%. For the period ended September 30, 2017 MHP gained USD 970 mn (+18.1% y/y) of the revenue. The Company’s cost of sales had also increased to USD 684 mn (+12.4% y/y), resulting in gross profit growth up to USD 331 mn (+10.7% y/y). MHP’s operating profit was up to USD 318 mn (+14.8) and the net profit for the period reached USD 238 mn (x2.5 y/y). During the nine months of 2017, MHP’s non-current assets increased to USD 1,314 mn (+4.8% since the period beginning and current assets grew to USD 830 mn (+1.1%) resulting in the total assets extension to USD 2,145 mn (+3.3%) since the period beginning. The Company’s total equity grew up to USD 879 mn (+26.8%) while the total liabilities dropped to USD 1,266 mn (-8.4%).
MHP’s net profit margin growth from 11.6% to 24.5% is a result of increased VAT refunds made by the government and of the foreign exchange gains received by the Company during the period. Such a significant net profit growth resulted in the total equity growth through the increased retained earnings, while the Company’s total liabilities reduced as a result of bank’s loans repayment. Improvements in the MHP’s financial performance are directly connected with the Company’s positions strengthening on the foreign markets and with the increased export volumes.
Although the information in this report has been obtained from sources which Empire State Capital Partners believes to be reliable and was collected in good faith, we do not represent or warrant its accuracy, except with respect to information concerning Empire State Capital Partners, its subsidiaries and affiliates, either expressly or implied, and such information may be incomplete or condensed. Nor has the information and/or data been independently verified, and so is provided without further caveat regarding its reliability, suitability for commerce or specific purpose. This report does not constitute a prospectus and is not intended to provide the sole basis for an evaluation of the securities discussed herein. All estimates and opinions included in this report constitute our judgment as of the date of the report and may be subject to change without notice. Empire State Capital Partners or its affiliates may, from time to time, have a position or make a market in the securities mentioned in this report, or in derivative instruments based thereon, may solicit, perform or have performed investment banking, or other services (including acting as advisor, manager) for any company referred to in this report and may, to the extent permitted by law, have used the information herein contained, or the research or analysis upon which it is based, before its publication. Empire State Capital Partners will not be responsible for the consequences of reliance upon any opinion or statement contained herein or for any omission. This report is confidential and is being submitted to select recipients only. It may not be reproduced (in whole or in part) without the prior written permission of Empire State Capital Partners. Any recommendations, opinions, forecasts, estimates or views herein constitute a judgment as at the date of this report. This document has been produced independently of Empire State Capital Partners and the recommendations, forecasts, opinions, estimates, expectations, and views contained herein are entirely those of the research analyst(s). While all reasonable care has been taken to ensure that the facts presented herein are accurate and that the respective recommendations, forecasts, opinions, estimates, expectations, and views are fair and well considered, none of the research analyst(s), Empire State Capital Partners or any of its directors, managers or employees has verified the contents of this document and, accordingly, no research analyst, Empire State Capital Partners or any of its respective directors, managers or employees shall be in any way responsible for its contents.
EMPIRE STATE CAPITAL PARTNERS