“Prometey” Attracted Investments for the Purchase of Sunflower

by Anna Gayduk
Thursday, November 4, 2021
“Prometey” Attracted Investments for the Purchase of Sunflower

$10 millions were raised by Ukrainian company from an international investment fund in September

Prometey is a trade and production association that specializes in the purchase, storage, processing and logistics of grain crops and sunflower seeds.

The raised funds which will be used to replenish the group's working capital, including to increase the volume of purchases of raw materials, in this case sunflower.

This was reported by the press service of the company.

The corresponding decision was in line with plans of the Prometey company to enter the foreign markets of sunflower oil as a supplier. India, China, and European countries are listed as the most priority directions of supplies in the company.

“Stable and transparent relations between Prometey and international business partners are primarily due to the company's strong market position. Another confirmation of this was received in early October, when for the second consecutive time the group received KPMG conclusion on the successful completion of the audit,” the press service noted.

The results of the conclusion of KPMG Limited confirm the performance of the group for 2020: gross income $254.2 million, assets $199.3 million, EBITDA $32.6 million, capital $76.1 million.

Recall that as of October 28, 2021, 60.68 million tons of grain and leguminous crops were harvested in Ukraine from an area of ​​12.9 million hectares, or 81% of the forecast with an average yield of 4.72 t/ha.

It is also worth remembering that at the end of October state analytical agency presented preliminary forecasts, according to which the sunflower sowing area in Ukraine in 2021 will slightly increase in comparison to the last year's level (on 4-6%) and will amount to about 6.8-6.9 million ha. In 2021-2022 Ukraine plans to increase the production of sunflower oil to 7.1-7.2 million tons, which is 24.13% more than in 2020/21 MY.

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