IMC agroholding sees 8% fall in net profit in Jan-Sept
IMC agroholding saw $27.6 million of net profit in January-September 2017, which was 8% down year-over-year, the company reported on Friday.
The company said that the decrease in profits is due to increased costs and the strengthening of the Ukrainian currency (hryvnia) in 2017.
The holding said that its earnings before interest, taxes, depreciation and amortization (EBITDA) totaled $42.8 million (24% down year-over-year).
Revenue grew by 2%, to $81.5 million.
Export revenue was 82% of total revenue in January-September 2017.
Net cash flow from operating activities for the nine months of 2017 increased by 27% to $ 25.1 million compared to the same period in 2016, mainly due to increased sales.
The holding said that IMC invested $ 3.9 million in renewal of the fleet of agricultural machinery, modernization of the company's grain silos and dairy farm.
The financial expenses of IMC for the nine months of 2017 decreased by 49% compared to the same period in 2016, due to a significant decrease in the company's total debt to $ 70.7 million as of September 30, 2017.
In the future, IMC plans to continue its strategy on reduction of the company's debt and expects the total debt to fall to $ 65 million by the end of 2017.
IMC focuses on cultivation of grains, oilseeds and potatoes. It is one of the largest milk producers in Ukraine. It owns a storage capacity of 554,000 tonnes of grains and oilseeds. Its land bank is 136,600 ha in Poltava, Chernihiv and Sumy regions.