Astarta Agro Holding, the largest sugar producer in Ukraine, processed 2.7 million tons of sugar beet grown by itself and its agricultural partners at its five sugar factories in 2023-2024 and produced 377.5 thousand tons of sugar.
“The processing season of 2023, which lasted 130 days, was the best in terms of processed raw materials and produced sugar over the past five years,” the agroholding’s press service reported on Facebook.
Summing up the results of the harvesting campaign, Astarta reported that its structural units harvested 200 thousand tons of corn with a yield of 10.35 tons/ha, up 16.2% year-on-year, and 2.2 million tons of sugar beet with a yield of 57.61 tons/ha (+2.6%).
“Longer harvesting periods were caused by several factors: difficult weather conditions: heavy and prolonged precipitation in October-November 2023 caused a delay in harvesting and logistical difficulties in delivering raw materials to processing plants, and thus disrupted the rhythm of some sugar factories. Another important factor was the increase in the yield of late crops: the yields of corn and sugar beet were the highest in the history of the holding’s crops,” Astarta said, adding that it continues to prepare for the spring sowing season.
“Astarta is a vertically integrated agro-industrial holding 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.
In the third quarter of 2023, the agricultural holding earned EUR1.24 million in net profit, down 27.7 times compared to the same period in 2022. Astarta’s revenue decreased by 14.4% to EUR104.75 million, gross profit by 2.7 times to EUR26.96 million, operating profit by 7.6 times to EUR6.79 million, and EBITDA by 42.7% to EUR97.25 million.
Due to significantly better performance in the first half of this year compared to the first half of last year, in the first nine months of 2023, net profit decreased by 9.8% to EUR 55.97 million, while revenue increased by 14.8% to EUR 392.00 million. The company’s gross profit increased by 3.0% to EUR 151.91 million, while operating profit decreased by 15.9% to EUR 79.91 million and EBITDA by 10.8% to EUR 116.63 million.
