Astarta Agro Holding, the largest sugar producer in Ukraine, increased its net profit by 34.5% in 2024 compared to 2023 to EUR83.25 million, according to the company’s report on the Warsaw Stock Exchange.
According to the report, consolidated revenue last year decreased by 1.1% to EUR612.15 million, while gross profit increased by 5.3% to EUR235.53 million and EBITDA by 9.6% to $159.35 million.
In hryvnia terms, Astarta’s revenue last year increased by 8.5% to UAH 26.531 billion, while net profit grew by 48.1% to UAH 3.634 billion.
It is noted that stable sea exports provided higher sugar sales compared to the previous year, partially offsetting the lower harvest of grains and oilseeds. Export sales of EUR395 mln accounted for 66% of consolidated revenue in 2024 compared to 53% in 2023.
The agriculture segment generated 34% of consolidated revenue or EUR209 mln in 2024 (-13% year-on-year). The main contribution was made by the sugar production segment with sales of EUR229 mln (+15% yoy), which accounted for 37% of total revenue in the reporting period. The soybean processing segment accounted for 17% of Astarta’s revenue or EUR106 million (-13% yoy). The livestock segment increased its sales by 25% yoy to EUR53 mln, accounting for 9% of total revenue in 2024.
The company attributed the increase in gross profit to a 35% or EUR 78 million increase in the fair value of biological assets and agricultural products, reflecting higher commodity prices.
Taking into account the data for the first nine months, Astarta’s financial performance in the fourth quarter of 2024 was slightly worse than in the fourth quarter of 2023.
It is also noted that operating cash flow increased in 2024 by 83% yoy to EUR167 million amid active inventory sales.
According to the report, investment cash flow increased by 30% to EUR52 million last year. The main investments were made to expand the fleet of beet harvesters, build a sugar silo and the production capacity of the soybean processing plant.
It is emphasized that Astarta’s net financial debt (excluding lease obligations) has turned into a positive cash position of EUR 21 million against EUR 39 million of debt in 2023.
As reported, in the first nine months of 2024, Astarta increased its net profit by 35.1% compared to the same period in 2023 to EUR75.60 million. The agricultural holding’s revenue increased by 12.6% to EUR441.46 million, and EBITDA by 12.8% to $131.56 million.
In 2023, the agricultural holding reduced its net profit by 5.0% to EUR61.9 million, and its EBITDA decreased by 6.1% to EUR145.77 million, while revenue increased by 21.3% to EUR618.93 million.
“Astarta is a vertically integrated agro-industrial holding company operating in eight regions of Ukraine. It includes six sugar factories, agricultural enterprises with a land bank of 220 thousand hectares and dairy farms with 22 thousand cattle, an oil extraction plant in Globyno (Poltava region), seven elevators and a biogas complex.
