Damate announces financial results of 2024
Damate Group — a categorical expert in niche meat markets, announces financial results for 2024 in accordance with the consolidated financial statements under IFRS. Revenue increased by 18% up to 72 billion rubles, adjusted EBITDA amounted to 15 billion rubles, which is 22% more than in 2023. Throughout 2024, the company actively developed all business areas and kept investing in their expansion and modernization.
Revenue growth is the result of growth in production of all types of products: duck, turkey and lamb meat. The revenue growth was positively affected by an increase of high-value-added products in the sales structure, namely, deep-processed turkey products.
The income from the company's export operations amounted to 10% of the total revenue. Moreover, the largest increase in volumes — more than 40% — was demonstrated by the products of deep processing.
Adjusted EBITDA has increased due to improved sales structure, systematic improvement of production efficiency and reduction of costs. The breeding turkey reproducer in Tyumen region reached its full capacity, which allowed Damate to start using only its own turkey incubation egg.
"Damate Group is a leader in the growing markets of niche types of meat. This allows us to show positive dynamics in both financial and operational indicators. In addition, we are actively developing sales of high value-added products and export supplies," said Stanislav Varich, First Deputy General Director of Damate.
Turkey Production
Within 12 months of 2024, the company produced 241.5 thousand tons of turkey meat in slaughter weight, which is 2% more than in 2023. For the seventh year in a row, Damate has remained the largest turkey producer in Russia, the company ranks first in terms of production in Europe and is one of the five largest turkey breeding companies in the world.
Damate keeps implementing a project to expand its capacity in Penza region up to 264 thousand tons per year and commissioned the first of two poultry units for 64 poultry heads for turkey growing and fattening.
In Rostov region, Damate has completed the acquisition of turkey production assets of Eurodon LLC.
Duck Production
Duck meat production in 2024 increased by 30% and amounted to 18 thousand tons in. Damate retains the status of the largest duck producer in Russia. The growing demand for duck meat facilitated the increase in production volumes, an increase in the product range happened after the installation of new equipment and the expansion of the geography of export sales.
An important event was the transfer to the ownership of Damate of the property of Donstar LLC production and technological complex, which makes it possible to develop the business as a full-fledged owner.
Lamb Production
In 2024, Damate continued to bring the country's largest lamb processing plant to its planned capacity. Production increased by 24% and reached 4,500 tons.
A significant stage in the development of the Damate lamb project was the launch of the largest sheep fattening complex in the North Caucasus with a capacity of 50,000 heads, located in the Karachay-Cherkess Republic. This made it possible to increase the production of raw materials for the plant and expand the farmers' ability to sell lambs.
In addition, the company commissioned the first stage of the breeding and genetic center for sheep breeding in the Stavropol Territory. The center will create the best gene pool of Russian sheep and reduce dependence on imported breeding products.
The production of canned turkey and lamb at the plant in Cherkessk (KCR) increased by 3.5 times up to 2.7 thousand tons. This growth was achieved thanks to the increase in the capacity of the canning line up to 2 million cans per month.
For the fourth year in a row, the Damate complex in Tyumen region demonstrated stable high performance. In 2024, 59 thousand tons of raw milk were produced, which corresponds to the full capacity of the plant. At the same time, 99% of the milk produced is of the highest quality.
