16 Aug 2023 16:59

Ukrgasbank increases credit limit for Ukrainian sugar producer Astarta to $38 mln

MOSCOW. Aug 16 (Interfax) - Astarta Holding, Ukraine's biggest sugar producer, has raised funding from Ukrgasbank for operating purposes.

"Recently the state-owned Ukrgasbank increased the credit limit to UAH 1.4 billion [around $38.3 million] for the company's operating subsidiaries. The funds raised will be used to implement investment projects in the sugar segment and replenish working capital to support the harvesting and processing campaigns," Ukrainian media reported, quoting a Warsaw Stock Exchange filing.

Ukrgasbank actively supported the company's sowing campaign in 2022.

Astarta said it and its subsidiaries continue to cooperate with Ukrainian and international financial institutions to enhance financial stability.

Astarta is a vertically integrated agribusiness group that includes sugar refineries, crop farms, dairy farms, an oil extraction plant, elevators and a biogas complex. The group's net profit fell 46.8% to 65.16 million euros in 2022 and EBITDA dropped 23.2% to 154.77 million euros, while revenue grew by 3.8% to 510.07 million.