Business news from Ukraine

“Prometey” has received limit of EUR1.27 mln for purchase of vehicles

7 August , 2023  

Prometey Group has received a EUR1.27 million loan from ULF-Finance LLC to purchase vehicles, the agricultural holding’s press service said.

“The company continues to expand its own vehicle fleet to minimize dependence on hired vehicles. In this way, we solve the problem of vehicle shortages during peak loads, such as during the harvest period, and avoid additional costs,” the press service quoted Maxim Voloshin, Prometey financial economist, as saying.

According to the report, Prometey Group plans to receive DAF tractors, Wielton trailers, cars and other automotive equipment from the financial institution.

In total, 23 agreements are in place between Prometey Group and ULF-Finance LLC.

Prometey Group provides storage, processing and logistics services for agricultural crops. Prior to the Russian aggression, it owned 34 elevators in Mykolaiv, Kirovohrad, Kyiv, Khmelnytskyi, Zaporizhzhia, Sumy, Odesa, Kherson, and Dnipro regions.

By the end of 2021, the group planned to generate $45 million in EBITDA, while in 2020 this figure reached $32.6 million, and in 2019 – $30.5 million.

“In 2023, Prometey plans to increase its land bank from 20 thousand hectares to 50 thousand hectares, and in the long term, to increase it to 100 thousand hectares.