Astarta, Ukraine’s largest sugar producer, has invested more than UAH 410 million in modernizing its livestock enterprises since the start of the full-scale invasion, its press service reported on Facebook.
“During the war, livestock farming has become a pillar of food security and economic stability for businesses. In particular, we managed to compensate for the decline in exports due to the Russian blockade of seaports at the beginning of the full-scale invasion by using milk processed and sold in Ukraine,” Yaroslav Kushnir, director of Astarta’s livestock department, explained in a statement.
It was specified that the agricultural holding will continue to consolidate and reconstruct existing facilities, build new ones, and work with breeding and genetics, which will help to increase the economic efficiency of the segment, herd productivity and optimize livestock management.
Kushnir noted that Astarta is the largest producer of industrial milk in Ukraine with an annual production of 115 thousand tons. The company’s cattle herd totals more than 28 thousand heads.
“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, 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 mln, and its EBITDA decreased by 6.1% to EUR 145.77 mln, while revenue increased by 21.3% to EUR 618.93 mln.
German investment company Connect GmbH & Co. geschlossene Invest KG (Connect) will provide Astarta, Ukraine’s largest sugar producer, with a €5 million loan for seven years to modernize its sugar factories, the company’s website reports.
“The agreement is financed by the ImpactConnect program, which includes any Connect financing and financing programs established by the German government. The purpose of this financing is to maintain, develop and modernize Astarta’s sugar factories,” the statement said.
The agricultural holding added that the financing will be provided to one of Astarta’s subsidiaries, but did not specify its name.
“Astarta is a vertically integrated agro-industrial holding operating in eight regions of Ukraine. It comprises six sugar factories, agricultural enterprises with a land bank of 220,000 hectares and dairy farms with 22,000 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 International Finance Corporation (IFC) of the World Bank Group is considering a $40 million loan and a $40 million parallel loan to Ukraine’s largest sugar producer, Astarta, for the construction of a soy protein concentrate plant in Poltava region.
“The proposed investment is an IFC A loan of up to $40 million and a parallel loan of up to $40 million to Astarta Agro Protein Ukraine LLC, a subsidiary of Astarta Holding PLC, to finance the capital expenditures for a prospective soy protein concentrate (SPC) plant in Central Ukraine,” IFC said on its website.
It is noted that IFC has already assisted the agricultural holding in conducting market research, preparing a business plan for the project, and assessing its commercial viability in order to interact with potential investors.
It is specified that the IFC Board of Directors plans to consider this project on December 20 this year.
As reported, in 2024, Astarta began investing in the construction of a plant for processing soybean meal into soy protein concentrate with a capacity of 500 tons per day (about 100 thousand tons per year) in the Globinsky Industrial Complex (Poltava region). The agricultural holding will invest over EUR76 million in equipment and technology and create 110 new jobs.
“Astarta and its structural unit Astarta Agro Protein signed the first investment agreement with the Ukrainian government to receive compensation from the state for significant investments. As part of the agreement, the government will provide the agricultural holding with a number of incentives, including exemptions from import duties on new equipment, import VAT on new equipment and income tax for up to 5 years.
IFC recalled that Astarta commissioned a soybean processing plant in Globyno in December 2013. In 2023, it processed 232 thousand tons of soybeans, 73% of which were grown by the agricultural holding, and produced 172 thousand tons of soybean meal. In the first half of 2024, the share of the plant’s own raw materials increased to 90%.
Soy concentrate is produced by processing soybean meal with higher added value. It is used as a raw material for animal feed production.
If approved, this will be IFC’s fifth investment in Astarta since 2012.
“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.
“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.
Astarta Agro Holding, the largest sugar producer in Ukraine, increased its net profit by 35.1% in January-September 2024 compared to the same period in 2023, to EUR75.60 million, according to the company’s report on the Warsaw Stock Exchange.
According to the report, consolidated revenue increased by 12.6% to EUR441.46 million, while gross profit grew by 20.3% to $183.98 million and EBITDA by 12.8% to $131.56 million.
It is indicated that the results of the sugar production segment accounted for 38% of total sales or EUR169 million, which is 19% more than in the same period last year.
According to the report, agriculture accounted for 33% of Astarta’s revenue, or EUR146 million, up 28% year-on-year, while livestock revenue increased by 22% to EUR37 million.
At the same time, sales from soybean processing decreased by 17% year-on-year to EUR77 million.
It was specified that the share of exports is 64% of consolidated revenue, or EUR283 mln, compared to 46% in the first nine months of 2023.
Taking into account the data for the first half of the year, Astarta managed to improve its performance in the third quarter.
As reported, in the first half of 2024, the agricultural holding reduced its net profit by 13.9% compared to the first half of 2023 to EUR 47.11 million and EBITDA by 11.7% to $85.83 million, while revenue increased by 11.6% to EUR 320.71 million.
“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, the largest sugar producer in Ukraine, has completed the autumn sowing campaign for the 2025 harvest, for which it has allocated 65 thousand hectares, the company’s press service reports on Facebook.
“According to operational data, the structure of winter crops is as follows: winter wheat – more than 46 thou hectares, winter rapeseed – more than 17 thou hectares, winter peas – 2 thou hectares,” the agroholding said.
At the same time, Astarta’s structural units continue the sugar beet harvesting campaign, the total area under which is 38 thousand hectares.
As reported earlier, the sugar production season in the agricultural holding started on August 24 at the plant in Vinnytsia region. At the end of August, two plants were launched in Poltava region, and in September – two more.
In 2023, the agricultural holding grew 39 thousand tons of sugar beet, up 20% from a year earlier, thanks to a record yield of 58 tons/ha, compared to 56 tons/ha in 2022, the company’s annual report said Wednesday evening.
According to the agricultural holding, the record high sugar beet harvest extended the processing period until the end of January 2024. In total, the sugar production campaign in 2023 lasted 130 days, compared to 111 days a year earlier.
“In the 2023-2024 marketing year, Astarta increased sugar production by 34% year-on-year to 377 thousand tons. At the same time, the volume of sugar beet processing in 2023 increased by 37% compared to the same period last year and reached 2.7 million tons. The market share remained unchanged at 21% in 2023.
In 2023, Astarta, the largest sugar producer in Ukraine, 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.
In the third quarter of 2024, Astarta Agro Holding sold 77.87 thousand tons of sugar, which is 6% less than in the same period a year earlier, and in January-September, sugar sales increased by 43% to 289.32 thousand tons.
According to the company’s announcement on the Warsaw Stock Exchange, the average sugar price in the third quarter decreased by 10% compared to the same period last year and by 10% over the first nine months.
In the third quarter, Astarta’s wheat sales increased by 475% to 128.8 thousand tons, up from 22.41 thousand tons a year earlier. Over the nine months, corn sales increased by 202% to 209.15 thousand tons. The average price of wheat in the third quarter was up 44% year-on-year and 37% over the first nine months of the year.
At the same time, corn sales volumes decreased by 95% to 1,787 thsd tonnes, while its selling price fell by 22%. Over the first nine months, corn sales increased by 7% to 339.72 thousand tons, while prices were 8% lower than last year.
“Astarta increased its sales of sunflower seeds by 112% to 7.063 thousand tons, while its selling price increased by 62%. In the first nine months of the year, sunflower sales decreased by 57% to 27.129 thsd tonnes, while prices were 5% higher than last year.
Sales of rapeseed in the third quarter increased by 196% to 34.91 thsd tonnes, while prices increased by 55%. Sales volumes for the first nine months of 2024 increased by 272% year-on-year to 55.231 thsd tonnes, and prices were 32% higher.
Sales volumes of soybean oil in the second quarter decreased by -13% to 8.217 thsd tonnes, while prices were 19% higher. The agricultural holding increased its sales volumes by 11% in the first nine months of 2024 compared to the same period last year – up to 35,359 thousand tons, but prices were 7% lower on average.
In addition, in the third quarter, Astarta reduced sales of soybean flour by 1% to 29,313 thousand tons, while prices were 4% lower than last year. In the first nine months of 2024, prices were 6% lower compared to the same period last year.
The agricultural holding’s sales of milk in the third quarter increased by 1% to 25.878 thousand tons, while the price of the products increased by 32%. Sales volumes for the first nine months of 2024 increased by 4% to 85.891 thousand tons, prices – by 24%.
In 2023, Astarta Agro Holding, the largest sugar producer in Ukraine, 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.
