Astarta cuts profit by 10% to EUR 56 million, ups revenues by 15% to EUR 392 million in 9M, 2023

In January-September 2023, Astarta (Kyiv), one of the largest sugar producers in Ukraine, decreased its net profit by 10%, or by EUR 6.1 million, to EUR 55.967 million year over year.

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

At the same time, for the specified period, revenues increased by 15%, or by EUR 50.655 million, to EUR 391.998 million.

In particular, the revenues from exports increased by 4% to EUR 179 million, providing 46% of Astarta's consolidated revenues.

Also, in the first nine months of 2023, the holding decreased its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) by 11%, or by EUR 14.17 million, to EUR 116.632 million compared to the 1st nine months of 2022.

As Ukrainian News Agency earlier reported, last year the company reduced its net profit by 46.8%, or EUR 57.327 million, to EUR 65.164 million.

Also in 2022, Astarta reduced EBITDA by 23.2% to EUR 154.8 million, increasing revenue by 3.8% to EUR 510.1 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.