IMC Agroholding completed the corn harvest on November 17, which was the fastest time to complete the harvest of grains and oilseeds in the company over the past 10 years, the company’s press service reported.
According to the report, about 611 thsd tonnes of corn were harvested from an area of 65.7 thsd ha with a yield of 9.3 t/ha. The corn yield is also significantly higher than the national average, which, according to the Ministry of Agrarian Policy and Food, is 6.3 t/ha.
“The current yield cannot be called a record, although it is almost one and a half times higher than the national average, but the low moisture content of corn (17.8%) made it possible to significantly reduce the cost of grain drying and logistics, which, together with good prices, gives confidence in a good financial result,” commented Bogdan Krivitsky, Chief Operating Officer of IMC.
As reported, in the 2024 season, IMC grew spring crops on 90 thou hectares, of which 65.8 thou hectares were allocated for corn and 24.2 thou hectares for sunflower. The agricultural holding completed sunflower harvesting in the last days of September. The company produced 77.7 thousand tons of gross harvest with a yield 60% higher than the national average of 3.2 t/ha.
IMC Agro Holding 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 and storage capacity is 554 thousand tons, with the 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. Revenue increased by 22.3% to $139.45 million, while the share of exports decreased to 68% from 73% a year earlier.
IMC Agro Holding has completed sunflower harvesting on 24.3 thou hectares, yielding 77.7 thou tons of gross harvest with a yield 60% higher than the national average of 3.2 t/ha, the company’s press service reported on its Facebook page.
According to the report, IMC also sowed winter wheat on an area of 20.7 thousand hectares.
“This year, September was abnormally dry and hot, so we managed to complete all field work in a short time. As a result, despite the hot and dry summer, we harvested a good sunflower crop with high quality indicators. As for the winter crops sown at the optimum time, we expect productive precipitation to sprout,” said Bogdan Krivitsky, Chief Operating Officer of the agricultural holding.
“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 company’s land bank is about 120 thousand hectares and storage capacity is 554 thousand tons, with a harvest of 1.002 million tons in 2023.
In the first half of 2023, IMC earned $6.28 million in net profit, down 44.6% year-on-year, while its revenue increased by 61.6% to $71.95 million, including a 41.2% increase in exports to $58.9 million. Normalized EBITDA amounted to $17.06 million, down 41% compared to the first half of 2022, due to higher selling costs and lower harvest prices.
In 2024, IMC Agro Holding will invest $12 million in grain carriers, Chairman of the Board of Directors Alex Lissitsa said in an interview with German radio deutschlandfunk.de.
“Things are much better now, especially because we have finally returned (to the de-occupied territories where the agricultural holding operates – IF-U). We are able to export. It is a huge advantage for us to export across the western border by rail. It used to be very difficult and expensive for us. Now everything is going well,” he said.
According to Lissitsa, the normalization of IMC’s operations after the de-occupation of the territories and the resumption of exports allowed the agricultural holding to resume investments in 2024.
“Now we have $12 million in investments in grain carriers (Pfeidewagen). We also have a number of other investments planned. Therefore, things are much better now than two years ago,” said the Chairman of the Board of Directors of IMC.
Commenting on the publication of his book “My Wild Nation. Ukraine on the Road to Freedom”, Mr. Lissitsa explained that the agricultural holding is currently working with the government to identify priorities for the economic recovery of Ukraine in the next few years.
He noted that only half of the decisions made under the Ukraine Facility program have been implemented. The issue is the need to take advantage of the opportunities in the agricultural sector during Ukraine’s integration into the European Union.
“There are many things that are a bit painful for us. For example, the use of all kinds of pesticides, the use of drones, and so on, where Ukrainian agriculture has already had a significant advantage. I think that for many people in Ukraine, this (integration – IF-U) will be painful, but nothing more. It is feasible. After all, we want it,” Lissitsa assured.
According to him, Ukraine’s “savagery” is not chaos or uncontrollability.
It is the unwavering will of the Ukrainian people to freedom and self-determination on the path to EU membership.
Speaking about the upcoming Independence Day, which will be celebrated for the third time during Russia’s full-scale invasion of Ukraine, Lissitsa clarified that there will be no celebrations in the country. However, Ukrainian President Volodymyr Zelenskyy has already initiated a meeting with farmers next week to discuss the current situation in the agricultural sector.
IMC Agro Holding has formed its own fleet of 150 grain carriers and intends to double it by the end of the year.
According to the agricultural holding’s website, IMC purchased 140 railcars manufactured by Kryukiv Carriage Works, and another 10 grain cars manufactured by Karpaty DMZ were received from the USAID Economic Support for Ukraine project aimed at supporting export logistics and modernizing Ukraine’s border crossing points for efficient agricultural exports.
“The emergence of our own railcar fleet in our company is a significant event. As IMC is an export-oriented company, two of the three crops we grow (winter wheat and corn) are actually fully sold to foreign markets, and the optimal export sales channel for us is rail transportation to seaports with further transportation by sea to the end consumer. Accordingly, we need to transport an average of 60-70 thousand tons of grain to the ports by rail every month. Having its own railcar fleet will allow the agricultural holding to significantly save on the cost of rail logistics,” explained IMC CEO Oleksandr Verzhykhovsky.
According to him, IMC plans to add another 150 grain carriers to its railcar fleet by the end of 2024, so that next year up to 80% of the company’s grain will be exported using its own railcar fleet.
In early August, the agricultural holding sent grain from its elevators to ports in its own grain wagons for the first time, the company said.
“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, while the share of exports decreased to 68% from 73% a year earlier.
IMC Agro Holding has completed harvesting winter wheat from 20.2 thousand hectares and harvested 139.8 thousand tons with an average yield of 6.9 t/ha, which is the second best result in the history of the company and 60% higher than the average wheat yield in Ukraine, the company’s press service reported on its Facebook page.
According to the report, the agricultural holding is satisfied with the results, as most of the harvested winter crops meet the quality parameters of milling wheat.
“Last fall’s weather conditions were favorable for timely sowing, good germination and tillering of winter wheat. This spring, we carried out fertilization and plant protection against weeds, diseases and pests in accordance with the technological map. All operations were completed on time according to the crop development stages and weather conditions,” said IMC Production Director Mykola Pylypenko.
He noted that the agroholding started wheat harvesting earlier than usual due to the lack of precipitation needed for optimal plant development in the Poltava cluster. This led to a slight decrease in yields and an early start of the harvest in Poltava region.
“In other regions of the company, Chernihiv and Sumy, weather conditions were more favorable, and we significantly exceeded our targets for yield and gross production of winter wheat,” summarized Pylypenko.
“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 land bank is about 120 thousand hectares, storage capacity is 554 thousand tons, with 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, while the share of exports decreased to 68% from 73% a year earlier.
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.
