Astarta sees net profit fall by 96.4% in Q3 2023
Astarta, the largest sugar producer in Ukraine, received EUR1.24 million in net profit in the third quarter of 2023, which is 96.4% less than in the same period in 2022, according to the company’s report on the Warsaw Stock Exchange.
According to it, during the specified period, revenue decreased by 14.4% - to EUR104.75 million, gross profit - by 2.7 times, to EUR26.96 million, operating profit - by 7.6 times, to EUR6.79 million, and EBITDA – by 42.7%, to EUR97.25 million.
In hryvnia, Astarta in the third quarter of this year reduced its net profit by 24.4 times - to UAH 49.5 million, with a decrease in revenue by 3.6% - to UAH 4.173 billion.
At the same time, thanks to significantly better performance in the first half of this year compared to the first half of last year, for the entire nine months of 2023, the decrease in net profit amounted to 9.8% - to EUR55.97 million, with revenue growth by 14.8% - to EUR392 million.
The company's gross profit increased by 3% to EUR151.91 million, while operating profit decreased by 15.9% to EUR79.91 million, and EBITDA by 10.8% to EUR116.63 million.
In hryvnia, Astarta for nine months of this year increased its net profit by 6.9% - to UAH 2.219 billion, with revenue growing by 37.7% - to UAH 15.514 billion.
It is noted that sugar production, the largest source of income, increased by 32% compared to the same period last year to EUR142 million and accounted for 36% of total income. Agriculture accounted for 29% of consolidated revenue or EUR114 million, which is 10% more than last year. Sales in the soybean processing and livestock segments remained stable at EUR93 million and EUR30 million, respectively.
The company added that exports grew by 4% year-on-year to EUR179 million, accounting for 46% of total revenue.
Astarta explained the decrease in EBITDA by an increase in sales and distribution costs.
Operating cash flow in January-September this year amounted to EUR79 million compared to a total of EUR3 million in January-September last year.
According to the report, investments in the first nine months of this year increased by 35% to EUR17 million, reflecting costs for major repairs.