IMC Cuts Profit 6.8 Times To USD 11.3 Million, Cuts Revenues By 47.5% To USD 44.5 Million In H1

In January-June 2022, Kyiv-based Industrial Milk Company agricultural holding (IMC) decreased its profit 6.8 times or by USD 66.062 million to USD 11,336 million year over year.

The company has said this in a statement, Ukrainian News Agency reports.

IMC's net revenues in H1, 2022 compared to the same period in 2021 decreased by 47.5%, or USD 40.255 million, to USD 44.526 million.

Also, in January-June 2022, IMC decreased its EBITDA (Earnings before Interest, Taxes, Depreciation, and Amortization) 3.2 times or by USD 62.943 million to USD 28.977 million year over year.

As Ukrainian News Agency earlier reported, in January-March 2022, IMC incurred a loss of USD 10.667 million against a profit of USD 1.414 million for the same period last year.

In 2021, IMC increased its net profit 2.5 times, or by USD 47 million, to USD 78.71 million compared to 2020.

At the same time, revenues for the specified period increased by 12.6%, or USD 20.3 million, to USD 181.693 million.

Also in 2021, the company increased EBITDA by 53.6%, or USD 38.5 million, to USD 110.348 million compared to 2020.

The company was founded in 2007 by the former owner of the Cheese Club corporation, Oleksandr Petrov.

IMC cultivates 123,000 hectares of land in Poltava, Chernihiv and Sumy regions, growing corn, wheat, sunflower, soybeans on them, and is also engaged in the production of milk.