10 May 2023 13:43

Switzerland's SGM grain trader subsidiary in Russia sees revenue decline 10.3% in 2022

MOSCOW. May 10 (Interfax) - The Russian subsidiary of Switzerland's Sierentz Global Merchants (SGM) grain trader, Sierentz Global Merchants Vostok LLC, saw revenue decline 10.3% in 2022, the company said in a financial statement.

Revenue totaled 4.5 billion rubles in 2022 against 4.994 billion rubles in 2021, with the rate of decline slowing significantly versus a year ago, when the indicator dropped 56.5% from 11.7 billion rubles in 2020.

Gross profit increased to 1.1 billion rubles in 2022 from 889.7 million rubles in 2021, and net loss decreased to 23.9 million rubles in the reporting period from 83.4 million rubles the previous year. Profit from sales totaled 12.6 million rubles in 2022 against a loss of 67.8 million rubles in 2021.

The former senior managers of Louis Dreyfus Company founded Sierentz Global Merchants in September 2017.