Astarta reduces profit by 44% in Q1

In the first three months of 2024, one of the largest sugar producers in Ukraine, the Astarta agro-industrial holding (Kyiv), reduced its net profit by 44%, or by EUR 7.1 million, year over year, to EUR 9.015 million.

This follows from a statement by the company, the Ukrainian News agency reports.

At the same time, during the specified period, revenue increased by 1.4%, or by EUR 2.2 million, to EUR 165.779 million.

Product exports in the first quarter amounted to EUR 115 million, providing 69% of total revenue, compared to 60% in the first quarter of 2023.

Also, in the first three months of 2024, the holding reduced the EBITDA indicator (earnings before taxes, interest, and depreciation) by 24.5%, or EUR 9.3 million, to EUR 28.623 million.

In 2023, compared to 2022, Astarta reduced profit by 5% to EUR 61.9 million, increasing revenue by 21% to EUR 618.931 million.

As the Ukrainian News agency earlier reported, last year Astarta produced the most sugar in the last five years.

The company cultivates about 220,000 hectares in seven regions, has six sugar factories, dairy farms for 22,000 cows, and a bioenergy complex in Hlobyne, Poltava Region, which forms an industrial cycle with a sugar factory and a soybean processing plant.

A total of 40.3% of the holding company Astarta Holding N.V. is controlled by Viktor Ivanchyk through Cypriot Albacon Ventures Limited and 29.9% by Canadian Fairfax Financial Holdings Ltd.