In January-March 2023, Astarta (Kyiv), one of the largest sugar producers in Ukraine, increased its net profit 6.2 times, or by EUR 13.512 million, to EUR 16.128 million compared to the 1st quarter of 2022.
This is stated in the company's financial report, Ukrainian News Agency reports.
At the same time, for the specified period, revenue increased by 37%, or by EUR 44.232 million, to EUR 163.553 million.
In particular, the revenue of the agricultural production segment increased by 28% to EUR 80 million, mainly due to higher sales volumes.
Exports provided 84% of the segment's revenue.
Revenue of the sugar production segment in the 1st quarter was EUR 37 million, which is 86% more than a year ago, thanks to an increase in sugar sales.
At the same time, exports provided 15% of the segment's revenue.
Revenue from soybean processing increased by 20% to EUR 31 million compared to the same period in 2022, against the background of an increase in oil and meal sales.
Exports provided 84% of the segment's revenue.
In Q1, export revenue was EUR 98 million, or 60% of total revenue.
Also, in the 1st quarter of 2023, the holding increased its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) by 63.5%, or by EUR 14.719 million, to EUR 37.905 million compared to the 1st quarter 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.
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