Astarta Agro Holding, the largest sugar producer in Ukraine, increased its net profit by 34.5% in 2024 compared to 2023 to EUR83.25 million, according to the company’s report on the Warsaw Stock Exchange.
According to the report, consolidated revenue last year decreased by 1.1% to EUR612.15 million, while gross profit increased by 5.3% to EUR235.53 million and EBITDA by 9.6% to $159.35 million.
In hryvnia terms, Astarta’s revenue last year increased by 8.5% to UAH 26.531 billion, while net profit grew by 48.1% to UAH 3.634 billion.
It is noted that stable sea exports provided higher sugar sales compared to the previous year, partially offsetting the lower harvest of grains and oilseeds. Export sales of EUR395 mln accounted for 66% of consolidated revenue in 2024 compared to 53% in 2023.
The agriculture segment generated 34% of consolidated revenue or EUR209 mln in 2024 (-13% year-on-year). The main contribution was made by the sugar production segment with sales of EUR229 mln (+15% yoy), which accounted for 37% of total revenue in the reporting period. The soybean processing segment accounted for 17% of Astarta’s revenue or EUR106 million (-13% yoy). The livestock segment increased its sales by 25% yoy to EUR53 mln, accounting for 9% of total revenue in 2024.
The company attributed the increase in gross profit to a 35% or EUR 78 million increase in the fair value of biological assets and agricultural products, reflecting higher commodity prices.
Taking into account the data for the first nine months, Astarta’s financial performance in the fourth quarter of 2024 was slightly worse than in the fourth quarter of 2023.
It is also noted that operating cash flow increased in 2024 by 83% yoy to EUR167 million amid active inventory sales.
According to the report, investment cash flow increased by 30% to EUR52 million last year. The main investments were made to expand the fleet of beet harvesters, build a sugar silo and the production capacity of the soybean processing plant.
It is emphasized that Astarta’s net financial debt (excluding lease obligations) has turned into a positive cash position of EUR 21 million against EUR 39 million of debt in 2023.
As reported, in the first nine months of 2024, Astarta increased its net profit by 35.1% compared to the same period in 2023 to EUR75.60 million. The agricultural holding’s revenue increased by 12.6% to EUR441.46 million, and EBITDA by 12.8% to $131.56 million.
In 2023, the agricultural holding reduced its net profit by 5.0% to EUR61.9 million, and its EBITDA decreased by 6.1% to EUR145.77 million, while revenue increased by 21.3% to EUR618.93 million.
“Astarta is a vertically integrated agro-industrial holding company 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 January-March 2025, Astarta Agro-Industrial Holding, the largest sugar producer in Ukraine, reduced its revenue from sales of key products by 19.1% compared to the same period in 2024: the growth in sales of sugar, sunflower, soybean oil and milk could not cover the decline in sales of wheat, corn, rapeseed and soybean meal.
According to the data released by the holding on the Warsaw Stock Exchange, the company sold a total of UAH 5.20 billion worth of its main products in the first quarter of 2025, compared to UAH 6.43 billion in the first quarter of 2024.
In particular, sales of sugar increased by 11% in physical terms in the first quarter of 2025 compared to the first quarter of 2024 – to 76.896 thousand tons, while the average selling price decreased by 8% to UAH 22.808 thousand (hereinafter referred to as per ton).
Astarta’s wheat sales in the first quarter decreased by 92% to 6.638 thsd tonnes, while the average price increased by 4% to UAH 8.824 thsd.
In the fourth quarter, corn sales decreased by 48% to 111.423 thsd tonnes, while the price increased by 21% to UAH 9.747 thsd.
In addition, Astarta decreased sales of sunflower seeds in January-March by 18% to 15.965 thsd tonnes, while their selling price increased by 119% to UAH 28.697 thsd.
In January-March 2025, the agricultural holding did not sell rapeseed, while a year earlier in the same period it sold 18.855 thsd tonnes at the price of 17.628 thsd tonnes.
Sales of soybean oil in the first quarter decreased by 12% to 11.97 thsd tonnes, while the price of the product also increased by 45% to UAH 43.48 thsd. Sales of soybean meal increased by 2% to 43.67 thsd tonnes, and its price was 13% lower than last year’s UAH 16.08 thsd.
In January-March 2025, the agricultural holding’s milk sales increased by 1% to 30.899 thsd tonnes, while the price of the products increased by 20% to UAH 20.02 thsd.
Overall, in 2024, Astarta increased sales of its main products by 7.8%: growth in sales of sugar, wheat, rapeseed, soybean oil and milk offset a drop in sales of corn and sunflower. In particular, sugar sales increased by 40% to 395.88 thousand tons, while the average selling price decreased by 9% to UAH 23.85 thousand. The total revenue of the agricultural holding from the sale of its main products amounted to UAH 24.88 billion last year, compared to UAH 23.08 billion in 2023.
“Astarta is a vertically integrated agro-industrial holding company operating in eight regions of Ukraine. It comprises 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.
Astarta, Ukraine’s largest sugar producer, has already sown more than 60% of the planned sugar beet area and started sowing sunflower, the company’s press service reports on Facebook.
“The minimum moisture reserves in the soil due to the lack of precipitation in the autumn-winter period and rapid spring warming forced us to quickly adapt agricultural technologies to make the most of the favorable sowing windows,” the agricultural holding explained.
According to the report, Astarta has allocated the planned sown areas for strategic crops as follows: sugar beet – 34 thousand hectares, soybeans – 55 thousand hectares (including 3 thousand hectares for seeds), winter wheat – 46 thousand hectares (including 3 thousand hectares for seeds), sunflower – 28 thousand hectares, winter rapeseed – 13 thousand hectares, corn – 13 thousand hectares. The area under organic farming is 2 thou hectares. At the same time, the actual total structure of Astarta’s acreage will be clarified based on the results of the sowing campaign.
“Astarta is a vertically integrated agro-industrial holding company operating in eight regions of Ukraine. It comprises 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 2023, the agricultural holding reduced its net profit by 5.0% to EUR 61.9 million, and its EBITDA decreased by 6.1% to EUR 145.77 million, while revenue increased by 21.3% to EUR 618.93 million.
Astarta, Ukraine’s largest sugar producer, plans to invest over $21 million in 2025 to upgrade its agricultural machinery fleet, the company’s press service reports.
According to the report, 150 units of new equipment have already been contracted, including heavy tractors, sprayers, self-propelled beet harvesters, sowing complexes, precision seeders, tillage machines and other equipment. Some of the equipment has been delivered to the agro-industrial holding’s production facilities and will be actively used in the spring field work. This will help increase the efficiency of agricultural production and optimize tillage and harvesting processes, as well as preserve soil health.
“The purchase of modern machinery is one of the elements of our decarbonization strategy, which involves reducing greenhouse gas emissions through more fuel-efficient equipment and the use of precision and regenerative farming practices. In order to reduce the impact of agricultural production on climate change, Astarta continues to scale up such practices, in particular, reducing the number and depth of tillage and increasing the area under cover crops,” said Andriy Zagorulko, Director of Crop Production, Logistics and Mechanization.
According to him, in 2024, the agricultural holding increased the area under no-till tillage and green manure. It has expanded the differentiated and local application of mineral fertilizers, which provides for their optimal use. In addition, local fertilization simultaneously with main tillage significantly reduces fuel consumption due to fewer technological operations.
“The updated machinery fleet will allow us to respond more quickly to changing weather conditions, be much more cost-effective and reduce dependence on third-party services,” the agricultural holding is convinced.
“Astarta is a vertically integrated agro-industrial holding company 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 2023, the agricultural holding reduced its net profit by 5.0% to EUR 61.9 million, and its EBITDA decreased by 6.1% to EUR 145.77 million, while revenue increased by 21.3% to EUR 618.93 million.
Astarta, Ukraine’s largest sugar producer, has successfully passed certification under the Canada Organic Regime standard and received a Canadian organic certificate for its products – organic chickpeas and high oleic organic sunflower, the company’s press service reported on Facebook.
“This expands our export opportunities and strengthens Ukraine’s position as a supplier of quality organic products on the world stage,” Vyacheslav Chuk, the agricultural holding’s director of commercial and strategic marketing, said in a statement.
As noted, the certification confirms that the production process complies with international organic standards, which include the use of renewable resources, safe technologies for people and the environment, animal welfare, prohibition of GMOs and prevention of environmental pollution.
“Demand for organic products is growing globally, and Canada is one of the largest importers of organic products. The certificate gives us access to new markets that recognize this standard,” explained Chuk.
“Astarta is a vertically integrated agro-industrial holding company operating in eight regions of Ukraine. It comprises 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 2023, the agricultural holding reduced its net profit by 5.0% to EUR 61.9 million, and its EBITDA decreased by 6.1% to EUR 145.77 million, while revenue increased by 21.3% to EUR 618.93 million.
The board of directors of Astarta, Ukraine’s largest sugar producer, has approved a decision to start construction of an oilseeds processing plant, including soybeans and rapeseed, in Khmelnytsky region, in which it will invest $76 million, the company’s press service reports on Facebook.
According to the report, the planned capacity will be 400 thousand tons per year. It is scheduled to be commissioned in 2026.
“Astarta continues to strengthen its position in the processing sector by investing in new production facilities. The growing demand for soybean products in the EU opens up new opportunities, and we are ready to realize them using our experience and expertise.
The new oilseed processing plant will allow us to expand the range of ingredients for the feed base,” said Vyacheslav Chuk, Astarta’s Chief Commercial and Strategic Marketing Officer.
The agroholding noted that the project envisages the efficient use of the existing infrastructure of the agro-industrial holding and will contribute to the development of the agro-industrial ecosystem in the Western region.
“The Astarta team is already actively working on its implementation. Just today we have finalized the agreement with the manufacturer of the extraction equipment and technology. We are waiting for the decision of the Narkevytska territorial community to allocate land for the project. According to our experts, this project meets the requirements of the law “On State Support for Investment Projects with Significant Investments in Ukraine”, so we intend to apply for participation in the program to speed up its implementation,” Chuk added.
“Astarta is a vertically integrated agro-industrial holding company 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 2023, the agricultural holding reduced its net profit by 5.0% to EUR61.9 million, and its EBITDA decreased by 6.1% to EUR145.77 million, while revenue increased by 21.3% to EUR618.93 million.
“In January-September 2024, Astarta increased its net profit by 35.1% to EUR75.60 million, EBITDA by 12.8% to $131.56 million, with revenue up 12.6% to EUR441.46 million.
