IMC Cuts Loss 2.6 Times In Q1

In January-March 2023, Kyiv-based Industrial Milk Company agricultural holding (IMC) reduced loss 2.6 times or by USD 6.566 million to USD 4.101 million compared to the same period last year.

This is stated in the company's message, Ukrainian News Agency reports.

IMC's net income in the first quarter of 2023 compared to the same period in 2021 increased by 10.5% or USD 4 million to USD 41.96 million.

Also, the company ended the first quarter of 2023 with an EBITDA (earnings before taxes, interest and depreciation) of USD 1.37 million (the company ended the first quarter of 2022 with a negative EBITDA of USD 125,000).

The agricultural holding ended 2022 with a loss of USD 1.121 million against a profit of USD 78.71 million for 2021.

At the same time, the income for the specified period decreased by 37.2% or USD 67.7 million to USD 114 million, and the EBITDA indicator - 3 times to USD 36.2 million.

As Ukrainian News Agency earlier reported, in 2021, IMC increased net profit 2.5 times or by USD 47 million to USD 78.71 million compared to 2020.

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

IMC cultivates 120,000 hectares of land in the Poltava, Chernihiv, and Sumy Regions, growing corn, wheat, sunflower, soybeans, and also produces milk.