Astarta's sugar production segment increased revenue by 39%

Astarta's sugar production segment showed a robust performance in 1H23, with revenues boosted by 39% y-o-y to EUR86m. More robust results reflected 25% y-o-y higher sugar sales volumes of 120kt and a 13% y-o-y higher selling price of EUR693/t

It is reported by the company in its report.

Exports of sugar and sugar-by products contributed 26% of segment revenues in 1H23 vs. 5% in 1H22.

The Ukrainian government suspended white sugar exports out of Ukraine from 5 June to mid-September 2023 (the start of the new sugar production season). It introduced export licensing for 20kt, of which 4kt was allocated to Astarta.

Currently, the Company’s sugar plants are being prepared for the new processing season, which is expected to start by mid-September.

Astarta continues to make its contribution to bringing Ukraine’s Victory closer. During the full-scale war, 831k Ukrainians and 500 medical and social institutions of Ukraine received assistance under the Common Help Ukraine humanitarian project. The financial value of the project’s charitable contributions and humanitarian aid exceeded EUR21.6m.

Responding to current and future challenges, including the rapid recovery of the local communities from the consequences of the war, the Company focuses on developing and supporting regional entrepreneurship in the regions of its presence. To date, thanks to Astarta and its partners, 209 entrepreneurs have received grants to build their businesses, which have already created 528 new jobs, and part of the products they produce is donated to the needs of temporarily displaced Ukrainians.  Astarta’s team is convinced that this initiative will help to give impetus to the emergence of a massive development and movement of entrepreneurship, and, together with big business, they will become the economic basis for Ukraine’s recovery after the Victory.