The biggest producer of eggs in Ukraine is cashing in as buyers in the Middle East, forced to shell out more for European Union products, switch suppliers eastwards.
Avangardco Investments, which listed on the London Stock Exchange in 2010, has seen its shares soar 77.1 per cent so far this year to US$11.76 each.
The company generated profits of $196.2 million last year, a 6.2 per cent increase on the previous year. Much of that growth came from the Middle East, which is Avangardco's biggest export market.
But the company's latest trading statement shows a substantial increase in sales during the first quarter, as a new EU directive scrambles the egg market.
Total exports of eggs increased to 110.8 million in the first quarter of this year, compared with 1.3 million during the same period a year earlier, the company said in its first-quarter trading statement.
The EU directive, which prescribes bigger cages and better conditions for battery hens, is granting significant export opportunities to the company, which is not located in the EU and does not have to comply with the regulation. With consumers deciding they do not want to shell out more for eggs, many firms are switching suppliers.
Avangardco has "indirectly benefited from the large price increases in the EU egg market following the enforcement of EU Directive 1999/74/EC on January 1, 2012", the company said. "The EU legislation, which provides for laying hens being kept in 'enriched' cages, has created significant distortions in the EU egg market, which is likely to remain for the rest of the year."
Avangardco expects to benefit from the decrease in EU countries' exports to the Middle East and Asia for the rest of the year, and has also targeted new markets including Mauritania and Libya.
Although Fitch Ratings, which rates the company "B", warns the firm's focus on exports may have put all its eggs in one basket.
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Produced: Salman Khan Films and Tips Films
Director: Remo D’Souza
Cast: Salman Khan, Anil Kapoor, Jacqueline Fernandez, Bobby Deol, Daisy Shah, Saqib Salem
Rating: 2.5 stars
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Abu Dhabi – Call 999 or 8002626 (Aman Service)
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Sharjah – Call 065632222
Ras Al Khaimah - Call 072053372
Ajman – Call 067401616
Umm Al Quwain – Call 999
Fujairah - Call 092051100 or 092224411
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Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
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Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
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Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
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Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
Tentative schedule of 2017/18 Ashes series
1st Test November 23-27, The Gabba, Brisbane
2nd Test December 2-6, Adelaide Oval, Adelaide
3rd Test Dcember 14-18, Waca, Perth
4th Test December 26-30, Melbourne Cricket Ground, Melbourne
5th Test January 4-8, Sydney Cricket Ground, Sydney
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First Test, Galle International Stadium
July 26-30
Second Test, Sinhalese Sports Club Ground
August 3-7
Third Test, Pallekele International Cricket Stadium
August 12-16
First ODI, Rangiri Dambulla International Stadium
August 20
Second ODI, Pallekele International Cricket Stadium
August 24
Third ODI, Pallekele International Cricket Stadium
August 27
Fourth ODI, R Premadasa Stadium
August 31
Fifth ODI, R Premadasa Stadium
September 3
T20, R Premadasa Stadium
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Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
- Life in the royal residences with Sheikha Osha bint Nahayan
- Sheikha Mahra and Sheikha Sabha recall their time spent in Al Hosn
- A place where problems were solved
- How the fort's rise tracked Abu Dhabi's development
- Meet Frauke Heard-Bey - the fort's historian for 30 years
- In Pictures: Story of a fort
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On Women's Day
Dr Nawal Al-Hosany: Why more women should be on the frontlines of climate action
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