The Kyiv-based Oschadbank (Savings Bank) state-run bank has granted a loan of UAH 500 million to Astarta (Kyiv), one of the largest sugar producers in Ukraine.
That follows from a statement by the company, Ukrainian News Agency reports.
The purpose of the loan is to finance working capital needs in agriculture and sugar production, including the purchase of mineral fertilizers, plant protection products, fuel and raw materials.
As Ukrainian News Agency earlier reported, in 2021, Astarta increased its EBITDA by 77.6% or EUR 88 million year over year to EUR 201.459 million, and boosted its turnover by 18.2% or EUR 75.7 million to EUR 491.355 million.
In 2021, the company increased its net profit 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. controlled by Viktor Ivanchyk through Cypriot Albacon Ventures Limited and 29.9% by Canadian Fairfax Financial Holdings Ltd.
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