Business news from Ukraine

Prometey Group has continued cooperation with Vostok Bank (Kyiv) and MTB Bank (Odesa), which have each allocated UAH 60 million to replenish working capital and implement targeted programs of the group’s production companies, the group’s press service said.
“Since the beginning of the war, these banks were the first to provide financial support to Ukrainian agricultural producers, including our group. We highly appreciate the trust placed in us in the face of a full-scale invasion and economic uncertainty that the agricultural sector faced in February 2022. The new financing will be a good help for our farmers during the harvest season,” Natalia Dudnikova, Deputy Head of Corporate Finance at Prometey, commented on cooperation with banks, as quoted by the press service.
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.