Astarta reduces profit by 47% in 2022

In 2022, one of the largest sugar producers in Ukraine, the agro-industrial holding Astarta (Kyiv), reduced its Earnings Before Interest, Taxes, Depreciation, and Amortization by 23.2% or EUR 46.688 million year over year to EUR 154.771 million.

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

In 2022, revenue increased by 3.8% or EUR 18.715 million year over year to EUR 510.070 million.

It is noted that this is the highest revenue figure in the entire public history of Astarta.

"The increase was due to the increase in sales of soybean processing products. The company also increased the share of the revenue from export sales from 44% in 2021 to 54% in 2022, despite constant logistical obstacles," the report said.

Sales in the company's agricultural production remained almost at the pre-war level in 2021 and amounted to EUR 180 million; the share of the revenue from exports was 84%.

In 2022, Astarta produced 282,000 tons of sugar, maintaining a 21% share of the sugar market.

The company exported 30,000 tons of sugar, while the revenue of the segment amounted to EUR 156 million.

In 2022, Astarta increased the volume of soybean processing by 23% to 211,000 tons.

"Accordingly, the revenue of the segment from the sale of soy products increased by 36% to EUR 122 million. In the reporting period, the company exported meat and soybean oil to nine countries of the world, mainly EU countries. The export of these products provided 86% of the revenue of the segment in 2022 against 66% in 2021," the report says.

In 2022, the revenue of the livestock segment amounted to EUR 39 million, which corresponds to the pre-war figure of 2021. It is noted that all products of the segment are sold on the domestic market.

Last year, the company reduced its net profit by 46.8% or EUR 57.327 million, to EUR 65.164 million.

As the Ukrainian News agency earlier reported, in 2021, Astarta increased its EBITDA by 77.6% or by EUR 88 million year over year to EUR 201.459 million and increased turnover by 18.2% or by EUR 75.7 million to EUR 491.355 million.

In 2021, the company increased its net profit by 14 times or by EUR 113.9 million year over year to EUR 122.491 million.

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.

40% 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.