Ukraine's IMC completes sowing campaign, reduces area by a third

KYIV. May 17 (Interfax-Ukraine) - IMC, one of Ukraine's top ten agricultural companies, has completed its spring sowing campaign on 69,400 hectares, which is 26% less than last year's 94,300 hectares, the company said in a press release.

IMC sowed 50,200 hectares with corn, down 26% from 2021, and 19,200 hectares with sunflower, down 25%.

IMC was unable to sow 32,000 hectares of land in the Chernihiv region this year.

IMC specializes in the cultivation of grains and oilseeds and in milk production in Ukraine. It works about 123,300 hectares of land in the Poltava, Chernihiv and Sumy regions and owns storage facilities for 554,000 tonnes of grain and oilseeds.

The group boosted net profit 4.3-fold to $31.71 million and EBITDA 1.8-fold to $71.84 million while sales revenue fell 5% to $161.39 million in 2020.

It sold 610,930 tonnes of corn in 2020, 14% less than in 2019; 118,06o tonnes of wheat, up 50%; 86,830 tonnes of sunflower, up 7.1%; and 1,310 tonnes of soybeans, 96% less.