Prometey” group of companies has signed an agreement with the First Ukrainian International Bank (FUIB, Kiev) for $2 mln, according to the press service of the agricultural holding.
According to the message, the credit agreement provides for trade financing under export contracts.
According to Prometheus, the funds raised will activate business activity and support the finances of the agricultural holding, which is important in preparation for the receipt and export of the 2023 harvest.
“Step by step FUIB continues to build up cooperation with our company. We are grateful to the bank for the timely agreements and are glad to act as a reliable partner,” Irina Ivchenko, Head of Prometey’s Corporate Finance Department, commented on the deal.
Prometey Group provides services in storing, processing and logistics of crops. Before the Russian aggression the holding owned 34 elevators in the regions of Mykolaiv, Kirovograd, Kyiv, Khmelnytsky, Zaporizhzhya, Sumy, Odessa, Kherson and Dnipropetrovsk.
By the end of 2021, the group planned to receive $45 million EBITDA, while in 2020 this figure reached $32.6 million and in 2019 – $30.5 million.
“Prometey” plans to increase the land bank from 20 thousand hectares to 50 thousand hectares in 2023, and in the future to increase it to 100 thousand hectares.
Prometey Group within the framework of the leasing program of OTP Bank (Kyiv) purchased Renault Duster cars for its employees, the company said on Facebook.
“Service vehicles contribute to the effective performance of job duties, which is especially relevant for agronomists in the fields, as well as an integral part of the compensation package and a way to motivate the employee,” Prometey noted.
The total volume of the leasing limit, allocated by OTP Bank for the purchases, is $3 million.
The cars were given to the agronomists of the production enterprises of the company LLC “Ukraina”, LLC “Visla” and LLC “Agro Capital Center”.
Prometey Group provides services in storing, processing and logistics of crops. Before the Russian aggression, the holding owned 34 elevators in the Nikolayev, Kirovograd, Kiev, Khmelnitsky, Zaporizhzhya, Sumy, Odessa, Kherson and Dnepropetrovsk regions.
By the end of 2021, the group planned to receive $45 mln EBITDA, while in 2020 this figure reached $32.6 mln and in 2019 – $30.5 mln.
Rafael Goroyan, the owner and the head of the Prometey Group of Companies, a big Ukrainian grain trader, positively evaluated the initiative of the President of Ukraine to impose sanctions against Iran for 50 years.
The resolution, which was voted for yesterday by people’s deputies, envisages, in particular, a complete ban on trade operations.
“I welcome this decision of the state authorities of Ukraine. Today our country is one of the main suppliers of agricultural products to the Islamic Republic of Iran.
I believe that the ban on trade will significantly affect the food security of Iran, the government of the country is likely to face starvation among the population.
The Islamic Republic will be left with one supplier of grain – the Russian Federation, on which it will be completely dependent. This means that the supplier will be able to dictate prices, which will certainly hit Iran’s economy,” Rafael Goroyan is sure.
Zapad Banka (Montenegro) provided Prometey Group with a $2.5 million credit line to increase its working capital, structure trade deals and optimize its operations, the group’s press service said.
“We have a long partnership with this bank, they always support us. Despite our long cooperation, Zapad Banka, being a European bank, has high compliance requirements for us on a par with other clients,” the statement said.
Prometey is confident that trade financing under contracts with the end buyer will have a positive impact on the group’s financial stability. The line will also allow for more efficient use of trade financing, turning it around several times.
Prometey $1.5 million loan deal with the bank took place in late 2022, after which Zapad Banka decided to allocate a limit of $2.5 million for trade finance.
After several successful deals within the allocated funds Prometey expects to increase the limit of trade finance from its European partner.
The Prometey Group provides storage, processing and logistics services for crops. Before the Russian aggression the holding owned 34 elevators in the regions of Nikolayev, Kirovograd, Kiev, Khmelnytsky, Zaporizhzhya, Sumy, Odessa, Kherson and Dnepropetrovsk.
By the end of 2021, the group planned to receive $ 45 million EBITDA, while in 2020, this figure reached $ 32.6 million, and in 2019 – $ 30.5 million.
Prometey Group bought 54 hopper cars from Ukrainian wagon manufacturer Experimental Mechanical Plant (OMZ) Karpaty, the agricultural holding said on its website.
“Control over the logistics chain allows for high margins, therefore, our own railcar fleet will increase the turnover of elevators and strengthen the efficiency of the entire group of companies. We have an extensive network of granaries in different regions of Ukraine, so there will always be work for the wagons,” said Rafael Goroyan, the owner and chairman of the supervisory board of Prometey.
To implement this project Prometey signed a $3 million leasing agreement with the First Ukrainian International Bank (FUIB, Kiev).
In January 2023 Prometey has purchased seven new haulers with DAF trailers and Wielton semi-trailers and announced its intention to increase the number of grain carriers up to 200 units in the nearest future. As of January 2023 the holding owned 52 grain carriers.
Prometey Group provides services in storing, processing and logistics of crops. Before the Russian aggression, the holding owned 34 elevators with the total capacity of 2 mln tons in the Nikolayev, Kirovograd, Kiev, Khmelnitsky, Zaporizhzhya, Sumy, Odessa, Kherson and Dnepropetrovsk regions.
In addition, the group has its own land bank of 20 thousand hectares, which it intends to increase this year to 50 thousand hectares and in the future to 100 thousand hectares.
By the end of 2021, the group planned to receive $45 mln EBITDA, while in 2020 this figure reached $32.6 mln and in 2019 – $30.5 mln.
Prometey Group of Companies has signed a $3 million leasing agreement with the First Ukrainian International Bank (FUIB, Kyiv) to produce railcars for grain transportation, the company said on its website.
“Prometey’s positive credit history, availability of its own capital and transparent sources of income all allow us to raise funds in the domestic market, in particular cooperate with leasing institutions, state banks and Western banks,” Irina Ivchenko, head of Prometey Group corporate finance sector, said in a statement.
The group noted that in the second year of the war its companies are under enormous pressure because of the limited working conditions, but continue to “actively move and meet their obligations on time.
At the same time Prometey expressed its willingness to continue cooperation with FUIB, subject to an increase in the limit of financing.
As reported, in January 2023 Prometey stated its intention to expand its fleet of grain trucks up to 200 units. As of January 2023 the holding had 52 grain trucks of its own.
Prometey Group provides services in storing, processing and logistics of crops. Before the Russian aggression, the holding owned 34 elevators in the Nikolayev, Kirovograd, Kiev, Khmelnitsky, Zaporizhzhya, Sumy, Odessa, Kherson and Dnepropetrovsk regions.
In addition, the group has its own land bank of 20 thousand hectares, which it intends to increase this year to 50 thousand hectares and in the future to 100 thousand hectares.
