Kyiv, 28 August 2020
IMC on the financial results of the first half of 2020
IMC's revenue in the first half of 2020 decreased by 17% to USD 79.8 million, compared to the same period in 2019, due to a decrease in sales of grain and oilseeds by 19%, and primarily corn as the main crop, which is associated with lower harvest. At the same time, prices for corn and soybeans increased marginally (+1.8% for corn and +1.5% for soybeans), while prices for wheat and sunflower increased by 17% and 15%, respectively. Export revenue accounted for 93% of total revenue for the reporting period.
Due to the devaluation of the national currency (hryvnia) in the first half of 2020, the profitability of the IMC increased, in particular, the company's EBITDA increased by 13% to USD 47.6 million. Net profit for the first half of 2020 amounted to USD 26.8 million (-3% year on year).
During the first half of 2020, IMC continued to implement its strategy on bank debt reduction. Total debt was reduced to USD 43.0 million as of 30 June 2020, compared to USD 47.0 million as of 31 December 2019.
About IMC
IMC is one of the TOP-10 agricultural companies in Ukraine, and is listed on the Warsaw Stock Exchange. The company is primarily involved in crop farming, the storage of grain and oilseed crops, and dairy farming. It operates 123,000 hectares of land located in the prime fertile farming regions of Ukraine (Poltava, Chernihiv, Sumy). The company was founded in 2007. In 2019, IMC reported Net profit of USD 7.3 million and EBITDA of USD 39.3 million.
For more information about IMC please visit our web-site: www.imcagro.com.ua