“Prometey” Raised $10 Million from an International Investment Fund

by Meifan Honcharuk
Friday, November 5, 2021
2 MIN
“Prometey”  Raised $10 Million from an International Investment Fund

The group of companies, "Prometey," is one of the most significant trades and industrial associations in the south of Ukraine

In September, the Prometey group of companies announced that it had raised $10 million from an international investment fund.

According to the group's press service, the decision was dictated by Prometey's plans to enter foreign markets for sunflower oil as a supplier. India, China and European countries are the most priority supplies directions for the company.

It is noted that the stable and transparent relations of the Prometey company with international business partners are primarily due to the company's strong market positions. Another confirmation of this was received in early October when the group received the second consecutive KPMG conclusion on the successful completion of the audit.

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

Funding will be used to replenish the group's working capital. The corresponding decision was dictated by the plans of the Prometey group of companies to enter the foreign markets of sunflower oil as a supplier. In particular, additional financing of working capital is carried out to increase the volume of purchases of raw materials, in this case — sunflower.

According to the company's press service, Prometey has already launched a project to supply sunflower oil for export.

The strategy of the company's entry into the fat-and-oil industry has been worked out for a long time. The signal for this was the intersection of external and internal factors. In particular, the company's stable and thriving trade in grains and oilseeds, an increase in the number of elevators, expansion of the land bank, diversification of services provided to the farmer combined with a favorable external environment.

The company is confident that despite the volatility of the oilseed market, the trend of increasing consumption of sunflower oil will continue, which will become a catalyst for the development of the industry in the future.

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