IMC Agro Holding has completed the harvesting of corn in 2023 and achieved a record yield of 12.4 tons/ha, which is 1.3 tons/ha higher than the previous record set in 2018, said Alex Lissitsa, SEO of the agricultural holding.
“A total of 574 thousand tons were harvested from an area of 46.3 thousand hectares, with an average corn yield of 12.4 tons/ha, a record for all years of the company’s operations, which is 1.3 tons/ha higher than the previous record set in 2018,” he wrote on Facebook.
IMC is an integrated group of companies operating in Sumy, Poltava and Chernihiv regions (north and center of Ukraine). It controls 120.3 thousand hectares (120.0 thousand hectares under cultivation). As of September 30, 2023, the group operated in two segments: crop production and elevators and warehouses.
The agroholding’s net loss in 2022 amounted to $1.1 million against a net profit of $78.7 million a year earlier, with a 37.3% decrease in revenue to $114 million. EBITDA decreased threefold to $36.2 mln.
For the 2024 harvest, IMC sowed winter wheat on 20.3 thou hectares.
In the first nine months of 2023, IMC posted a net loss of $2.25 million, compared to $4.67 million in net profit for the same period in 2022. The agroholding’s revenue increased by 59.8% to $98.78 million, including exports, which increased by 24.4% to $70.23 million. A significant increase in production costs – by 55.6% to $92.4 million – led to a decrease in gross profit by 33.3% to $29.89 million. EBITDA in the first nine months of 2023 amounted to $13.85 million, which is 2.7 times less than in the first nine months of 2022. The report notes that the reason for the decline was the decline in harvest prices in 2023.
CORN, HARVESTING, IMC, RECORD
