International agricultural research company Corteva Agriscience in the three quarters of 2022 increased sales of seeds and plant protection products (PPP) on the Ukrainian market by 6.5% compared to the same period last year, while its profit increased by 5%.
According to the company representatives during the online event devoted to the results of its work for the nine months of this year, the global revenue of Corteva from sales of seeds and pesticides for this period increased by 16% up to more than $ 14 billion, mainly due to an increase in sales in the segment of innovative technologies.
“The main factors of success in Ukraine were the solid work of the Corteva team, which resumed its activities on March 7 after the full-scale invasion of Russia, and the direct work with Ukrainian agricultural producers, in particular through direct sales of Pioneer brand products, which allowed the company to increase its market share in the seeds segment. This was also due to early sales in the season, which began in September 2021,” – stated in a press release of the agricultural company.
According to it, Ukrainian agricultural producers in the unprecedentedly difficult conditions of the war with Russia need help from major international companies, which is extremely important and should be focused precisely on protecting the interests of Ukraine.
“Adhering to the highest value of safety of human life, Corteva withdrew from the russian and belarusian markets, despite the significant financial losses associated with this decision. We were unable to continue operations in the aggressor country and reorganized the commercial division in Eastern Europe, which is now centered in Ukraine,” Corteva’s Eastern Europe head Sergey Kharin said during an online meeting.
Corteva also specified that since the beginning of the year it has invested $390 thousand in the construction of a mobile corn receiving line and an underground LPG terminal at its seed plant in Stasi, Poltava region, which allows for stable production. To save energy, the company introduced a flexible work schedule with reduced energy consumption during peak hours, shifting some of the work shifts to nighttime, and using industrial diesel generators.
“Although there has been some reduction in corn acreage on our partners’ fields due to military operations, we have been able to achieve a 15% increase in yields of Pioneer seed hybrids through the implementation of precision farming technology on the fields and additional investments. We expect that by the end of the year export of seeds produced at our plant to the EU countries will increase up to 16 times comparing to the last year,” – said the Director of Corteva Agriscience production complex in Ukraine Oleksiy Turchynov.
Besides, since the beginning of the Russian aggression, the company has been actively helping Ukrainian charitable foundations, public organizations and hospitals. During the war Corteva has financed local initiatives to the tune of over 50 million hryvnias.
Corteva Agriscience is a global agricultural company. It offers agricultural producers comprehensive solutions to maximize crop yields and profitability. It has over 150 research facilities and more than 65 active substances in its portfolio.
Its representative office in Ukraine includes a central office in Kiev, a research center in Lyubartsy village (Kiev region) and a seed production complex opened in 2013 in Stasi village (Poltava region). Investments in the plant over five years amounted to more than $56 mln.
In April 2022, the company decided to leave the Russian market due to full-scale armed aggression.
