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TOP-20 Agricultural Companies: Grow Grains and Raise Poultry

2 October 2019
TOP-20 Agricultural Companies: Grow Grains and Raise Poultry

20 agricultural companies, that earned the largest revenues in 2018, most often grow grains and raise poultry, and most of them are also exporters. YouControl analysts investigated who they were and how they worked.

Agriculture makes 10% or about 360 billion UAH of the total GDP of Ukraine for 2018. To achieve such powerful results, true business giants, whose revenues are measured in billions, must work in the industry.

Analysts of YouControl, a system for checking of counterparties, analyzed data on revenues of companies for 2018 and compiled the TOP-20 of representatives of the agricultural sector. It includes:

•  10 enterprises that have the KVED (classifier of types of economic activity) “Growing of cereals (except rice), leguminous crops and oil seeds”.

•  9 with the KVED “Raising of poultry”.

•  1 company with the type of activity “Seed processing for propagation”.

Name of a company Revenues for 2018
LLC “Vinnytska Ptakhofabryka” 10,5 - 11,0 bln
PRJSC “Myronisvska Pticefabrika” 9,0 - 9,5 bln
PRJSC “Lebedyn Seed Plant” 5,0 - 5,5 bln
PRJSC “Zernoprodukt MHP” 4,5 - 5,0 bln
Agricultural LLC “Druzhba-Nova” 4,0 - 4,5 bln
PRJSC “Ahrokholdynh Avanhard” 4,0 - 4,5 bln
LLC “Kompleks Ahromars” 3,0 - 3,5 bln
LLC “Enselco Agro” 3,0 - 3,5 bln
PRJSC “Oril-Leader” 3,0 - 3,5 bln
LLC “Forest Sunrise” 3,0 - 3,5 bln
LLC “Iasensvit” 2,5 - 3,0 bln
PRJSC “APK-Invest” 2,5 - 3,0 bln
LLC “Scientific and Production Firm “Urozhay” 2,5 - 3,0 bln
Agricultural LLC “Starynska Ptakhofabryka” 2,5 - 3,0 bln
PRJSC “PK “Podillia” 2,5 - 3,0 bln
PE “Ahrarna kompaniia 2004” 2,0 - 2,5 bln
Agricultural PE “Ahrofirma “Svitanok” 2,0 - 2,5 bln
LLC “Ahro-Oven” 2,0 - 2,5 bln
LLC “Ptakhokompleks “Dniprovskyi” 2,0 - 2,5 bln
LLC “Eco-Trade Zahid” 1,5 - 2,0 bln

 Table TOP-20 agricultural companies by revenues in 2018

All the companies listed in the TOP have a large market share and therefore occupy leading positions in the agricultural sector. However not always large-scale turnovers or high revenues guarantee the financial stability of a company. For example, 7 enterprises from the TOP-20 by revenues have a FinScore indicator (an index of financial sustainability from YouControl) C, and 3 of them – even D (a very low level). Although 10 out of 20 did get more optimistic marks of FinScore – A and B. What is the reason for such distribution?

The revealed FinScore distribution among the leaders of the agricultural market reflects the overall picture of the industry. According to the FinScore calculation methodology, this index is relative in nature, so half of the companies have an integral value of financial sustainability below the average level in their economic sector. The size of the company itself is not a determining factor for the financial health of an agricultural firm. This is confirmed by the history of Ukraine, which knew many examples of bankruptcy and default on obligations among large agricultural holding companies,Roman Kornyliuk, a financial analyst of YouControl, explained.

Most (11 out of 20) of the agricultural TOP-companies have been operating in the market since the 2000s. Although there are four old-timers from the 90s and five quite “young” enterprises established after 2010. Most of them are registered in Central Ukraine.

Place of registration of TOP-20 agricultural companies of Ukraine

One of the most interesting aspects in the work of the TOP-20 agricultural enterprises is the fact that a large part of them is related to “offshores”. In general, 8 companies have founders or beneficiaries in low-tax jurisdictions. Cyprus turned out to be the most popular among “offshores” – six companies are related to it (one of them is also related to Oman) and two more have links with Switzerland.

Among the peculiarities of these twenty companies there is the fact that at present three of them have debts to the tax inspectorate.

Over 2018 six out of the TOP-20 agricultural enterprises earned, among other things, by participation in government procurement. And only 4 out of 20 did not export their goods. At the same time 8 out of 20 most powerful agricultural companies sold abroad goods worth from 1 to 8 billion UAH. 5 out of 20 companies had export earnings in the range from 100 to 500 million UAH. And three agricultural companies earned only a few millions outside Ukraine.

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