By KYIV. Sept 1 (Interfax-Ukraine) – In January-June 2023, IMC agricultural holding received $6.28 million in net profit, which is 44.6% less than in the same period last year, and is largely due to increased logistics and distribution costs and cheaper agricultural products, says the company’s report on the Warsaw Stock Exchange.
According to it, the holding’s revenue increased by 61.6% to $71.95 million, including exports increased by 41.2% to $58.9 million.
At the same time, the revaluation of biological assets and agricultural products in January-June this year brought in 23.8% less than in January-June last – $23.11 million.
Although the increase in cost was not as significant as revenue, as a result, gross profit increased by only 8.6% to $32.54 million.
Due to a 2.4-fold increase in logistics and distribution costs (to $13.24 million), operating profit decreased by almost 2.1 times compared to the same period last year, to $8.65 million.
At the same time, the situation was partially offset by positive exchange rate differences in January-June of this year of $600,000 against exchange rate losses of $2.55 million over the same period last year.
Normalized EBITDA for the first half of the year was $17.06 million, down 41% year-on-year due to higher sales costs and lower crop prices.
It is specified that the main revenue of IMC in the reporting period was brought by the sale of 329,110 tonnes of corn – $62.37 million and 40,420 tonnes of wheat – $8.93 million.
Net cash flow from operating activities in the first half of 2023 was $12.6 million, while in the first half of 2022 it was negative at $7.68 million.
Although the volume of investments decreased by 30% – to $2.66 million, due to a significant increase in outflow from financial operations, net cash flow still turned out to be negative – $1.81 million, which, however, is many times better than the indicator of the first half of last year – $10.06 million.
