Business news from Ukraine

“IMC” has completed spring sowing campaign on 90 thousand hectares

21 May , 2024  

IMC Agro Holding has completed the spring sowing campaign of 2024, for which it has allocated 90 thousand hectares, according to its website.

According to the report, a total of 24.2 thou hectares of sunflower and 65.8 thou hectares of corn were sown.

“This year, we started sowing spring crops as planned on April 10, but during the first week of the sowing campaign we had to stop for 10 days due to unfavorable weather conditions (precipitation, low temperatures). We were able to resume sowing in full only at the end of April,” said Oleksandr Verzhykhovsky, Chief Operating Officer of IMC.

According to him, the company managed to complete the 2024 sowing campaign in close to the optimal timeframe thanks to a fleet of high-speed seeders and other modern equipment, as well as the coordinated work of the entire production team. The majority of the sown areas have already shown good growth.

IMC noted that it expects to meet its yield targets as it uses highly efficient technology with an intensive power and protection system.

“IMC is an integrated group of companies operating in Sumy, Poltava and Chernihiv regions (north and center of Ukraine) in the crop production, elevators and warehouses segments. The Group’s land bank is about 120 thousand hectares, with storage capacity of 554 thousand tons and a 2023 harvest of 1.002 million tons.

In 2023, IMC posted a net loss of $21.03 million compared to $1.12 million a year earlier, and its EBITDA decreased 11.3 times to $3.22 million. The holding’s revenue increased by 22.3% to $139.45 million.