Ukraine's IMC agro holding intends to invest $233 mln in green strategy projects by 2034

MOSCOW. June 20 (Interfax) - Ukraine's IMC agricultural holding plans to invest around $233 million in order to implement a smart green strategy in 2023-2033, Ukrainian media reported, citing the holding's statement posted on the Warsaw Stock Exchange.

According to the statement, IMC's strategy is particularly aimed at improving operational efficiency, reducing fossil fuel consumption, and cutting greenhouse gas emissions; and the strategy envisages investments to purchase agricultural land in Ukraine.

As noted, "sustainable agriculture projects" have been developed for each strategic direction.

IMC specializes in cultivating grain and oilseeds; cultivates about 120,000 hectares of land in the Poltava, Chernigov, and Sumy regions, respectively; and owns grain and oilseed storage facilities. The IMC group in April 2011, then called Industrial Dairy Company, conducted an IPO for 24% of the shares on the Warsaw Stock Exchange and raised $29.8 million.

IMC swung to a net loss of $1.1 million in 2022 from a net profit of $78.7 million in 2021, with revenue dropping 37.3% to $114 million, and EBITDA falling 66.7% to $36.2 million.