December 7, 2010

 

Russia's Raiz to ship one million tonnes grain in 2010-11

 

 

Kyiv-based Raiz, a major agricultural company, plans to export up to one million tonnes of crops in the 2010/2011 marketing year (July 2010 - June 2011), said the company's president, Taras Kutovyi.

 

At the same time, the company is not selling grain at the moment as it considers it could sell it at higher prices.

 

As for introduction of quotas for export of grain, Kutovoi said that any instrument can work in condition of correct management.

 

Kutovyi said that in 2010, the company sold 15% of wheat to Agrarian Fund.

 

The land bank of the company is 180,000 hectares, of which 50,000 hectares was acquired over last two years. Earlier, the Raiz company finished the July-to-September quarter of 2010 with a net profit of UAH10.64 million (US$1.33 million).

 

The company's net revenue grew by 8.5% or UAH42.26 million (US$5.30 million) to UAH541.49 million (US$67.86 million) in the third quarter of 2010 against July-September 2009.

 

In January-September 2010, Raiz generated a net profit of UAH1.88 million (US$0.24 million), and boosted its net revenue by 5.3% or UAH81.331 million (US$10.19 million) to UAH1,601.95 million (US$200.75 million), as compared with the corresponding period of 2009.

 

Raiz sustained losses of UAH8.76 million (US$1.10 million) in the first half of 2010, when its net revenue increased by 3.8% or UAH39.07 million (US$39.07 million) to UAH1,060.46 million (US$132.89 million).

 

The company finished 2009 with a net profit of UAH3.543 million (US$0.44 million), having decreased its net revenues by 31.69% or UAH1,016.15 million (US$127.34 million) to UAH2,191.553 million (US$274.63 million), compared with 2008.

 

The Raiz holding is one of the largest suppliers of seeds, plant protection means, mineral fertilisers, and agricultural machinery in Ukraine.

 

According to an analytical research conducted by major Ukrainian Business Leaders, the Raiz company was on the 95th place in the rating of the most remunerative enterprises (its net revenue made up UAH3.2 million (US$0.40 million)) and the 90th place in the rating of the most profitable companies (its net profit made up UAH128.1 million (US$16.05 million)) in 2008.