Astarta agroindustrial complex, a large sugar producer in Ukraine, saw a 5.2-fold rise in net profit in 2016, reaching EUR 83 million.
According to a financial report of the holding posted on the Warsaw Stock Exchange (WSE), its consolidated revenue last year rose by 17%, to EUR 369 million. Operating profit grew by almost 15.2%, to EUR 124.43 million and gross profit – by 10.3%, to EUR 157.49 million.
Earnings before taxes, depreciation and amortization (EBITDA) was up by 16%, to EUR 152 million, and net debt narrowed by 16%, to EUR 146 million.
In hryvnias net profit of the holding soared 6.3-fold, to UAH 2.35 billion, revenue rose by 36%, to UAH 10.41 billion, gross profit – by 29%, to UAH 4.46 billion and operating profit – by 35.9%, to UAH 3.53 billion.
Revenue in sugar segment increased by 15%, to EUR 175 million, accounting for 47% of total revenue. Sugar sales totaled some 390,000 tons (up by 8% YoY). Astarta managed to deliver a record-breaking export level of sugar sales to global markets: about 139,000 tons was exported, which is almost four times higher than a year ago. The sale of molasses and granulated pulp was around 89,000 tons (up by 8%) and 26,000 tons (by 2%) respectively.
Revenue in the agricultural segment grew by 3%, to EUR 84 million (23% of total revenue). Sales volumes declined by 9% to around 483,000 tons, mostly because of logistic congestions in Ukraine in autumn 2016. Inventories of crops at Astarta’s storages at the end of 2016 will be sold in the first half of 2017 contributing to higher segment’s revenues in the period. The share of exports was 79%.
Revenue in the soybean crushing segment grew by 48%, to EUR 75 million (20% of total revenue). Key drivers of the increase were higher sales volumes (by 65%) and increased prices for soy oil (by 9%). Exports reached 82% of the segment’s sales in volume terms.
The dairy segment generated revenue of EUR 25 million, which is almost 4% higher YoY (7% of total revenue). Milk sales grew by 3%, to 103,000 tons.
During the reporting period, the group managed to further improve effectiveness of its headcount resulting in a 5% growth of yields per cow.
In 2016, the bioenergy complex in Hlobyne (Poltava region) generated over 15 million cubic meters of biogas, up by 43% YoY. Biogas partially replaces natural gas used at the Hlobyne sugar plant and Hlobyne soy processing plant.
The exports share of consolidated revenue of the company in 2016 was 51%.
Astarta’s share of the Ukrainian sugar market in 2016/2017 agricultural year (August-September) is estimated at 25%, the soybean crushing market – 21%. (Interfax-Ukraine/Business World Magazine)
