In January-September 2023, Kyiv-based Industrial Milk Company agricultural holding (IMC) incurred a loss of USD 2.253 million against the USD 4.668 million profit for the nine months of 2023.
The company has said this in a statement, Ukrainian News Agency reports.
IMC's revenues in January-September 2023, compared to the same period in 2022 increased by 59.8%, or USD 36.9 million, to USD 98.784 million.
Also, in January-September 2023, IMC decreased its normalized EBITDA (Earnings before Interest, Taxes, Depreciation, and Amortization, calculated by adjusting net income for cost items) 2.7 times or by USD 23 million to USD 13.85 million year over year.
As Ukrainian News Agency earlier reported, in January-March 2023, IMC reduced loss 2.6 times or by USD 6.566 million to USD 4.101 million compared to the same period last year.
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 revenues for 2022 decreased by 37.2% or USD 67.7 million to USD 114 million, and the EBITDA indicator - 3 times to USD 36.2 million.
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.
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