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IMC almost triples net profit, doubles EBITDA in H1 2021
(Text after paragraph four has been added)
KYIV. Aug 27 (Interfax-Ukraine) – IMC agricultural holding in the first half of 2021 increased its net profit by 2.9 times compared to the same period in 2020, to $77.4 million, EBITDA – by 1.9 times, to $91.93 million.
According to a report released by the company on the Warsaw Stock Exchange, its revenue in January-June of this year increased by 6% compared to the same period last year, to $84.78 million, gross profit – by 69%, to $91.12 million, operating profit – by 2.2 times, to $80.1 million.
It is specified that the agricultural holding’s revenue from sales of corn for the reporting period increased by 8%, to $83.1 million, wheat – by 2 times, to $670,000, while revenue from milk sales decreased by 2%, to $740,000, sunflower – by 59%, to $120,000, cattle – by 23%, to $100,000. Thus, the most significant part of the company’s revenue came from sales of corn, whose share in total revenue increased from 97.5% in in the first half of 2020 to 98.2% in the first half of 2021.
In general, IMC sold 409,540 tonnes of agricultural products in January-June, including 405,700 tonnes of corn (10.3% less than in January-June 2020), the average cost of which in the first half of the year increased by 20.5%, from $170/tonne to $205/tonne.
The total assets of the group of companies as of June 30, 2021 increased by 29% compared to the same date last year, to $411.7 million, long-term debt liabilities – by 54%, to $159.9 million, while its current liabilities decreased by a quarter, to $54.6 million.
The agricultural holding specified in the report that this season it has allocated 68,210 hectares for growing corn, 25,800 hectares for sunflower, 21,400 hectares for wheat, which roughly corresponds to the sowing of these crops in the past season.
IMC specializes in the cultivation of grain, oilseeds and milk production in Ukraine. It processes about 123,300 hectares of land in Poltava, Chernihiv and Sumy regions. It owns capacities for storing 554,000 tonnes of grain and oilseeds.
In 2020, IMC increased its net profit 4.3 times compared to 2019, to $31.71 million, EBITDA – 1.8 times, to $71.84 million, revenue decreased by 5%, to $161.39 million.
IMC in 2020 sold 610,930 tonnes of corn (less by 14% compared to 2019), wheat – 118,060 tonnes (more by 54%), sunflower – 86,830 tonnes (more by 7.1%), soybeans – 1,310 tonnes (a 25-fold reduction).
