Astarta Holding

News: WSE-listed Astarta Holding, Ukraine’s largest sugar producer, reported 3Q23 net sales of $114m (-15% q-o-q and -7.8% y-o-y), EBITDA of $21m (-67% q-o-q and -68% respectively) and net income of $1m (-97% q-o-q, -96% y-o-y). The company reported end-9M23 net debt of $152m, including $127m of lease liabilities, yielding a Net Debt/LTM EBITDA of 1.0x, flat compared to end-2022. Astarta will hold a conference call at 16:00 Kyiv time today.

WSE-listed Astarta Holding, Ukraine’s largest sugar producer, published its 3Q23 operating update, reporting quarterly sugar sales of 83 kt, up 21% q-o-q and 23% y-o-y, and an average sale price of $730/t, down 5.2% q-o-q but up 11% y-o-y. Grain and oilseed sales fell by 25% q-o-q and 35% y-o-y to 70 kt, including 33 kt of corn. Corn selling prices averaged $133/t, down 29% q-o-q and 46% y-o-y. Soybean oil sales stood at 9 kt in 3Q23 (-23% q-o-q and -47% y‑o-y), while soybean meal sales totaled 30 kt (-50% q-o-q and -5.3% y-o-y). The average selling price of soybean oil fell by 8.2% q-o-q and 39% y-o-y to $830/t and that of meal declined by 4.0% q-o-q to $525/t (+16% y-o-y). Lastly, 3Q23 raw milk sales stood at 26 kt (-9.5% q-o-q but +7.4% y-o-y), averaging $351/t in price (-1.9% q-o-q and flat y-o-y).