PROMETEY, one of the largest agricultural holdings in Ukraine, has faced serious financial problems. This was reported by [Kommersant] with reference to information on the website of the the holding’s website.
The company, which has been successfully operating in the Ukrainian market for 25 years, is forced to cut staff and close several elevators. The difficult situation started with the Russian invasion of Ukraine, which resulted in the company losing seven elevators and occupying a large area of land.
Despite this, PROMETEY continued to develop and invest in its business. Over the past two years, the company has purchased new elevators, trucks and grain wagons, investing over UAH 267 million.
However, according to the news report, the government stopped providing support to the agricultural sector after the Russian invasion, and bank lending programmes for agricultural companies began to decline. The company also began to experience pressure from the tax service, which blocked tax invoices, did not refund VAT and punished the company with unjustified fines. PROMETEY was forced to sue the tax authorities to defend its rights.
The holding also faced weather problems. The summer of 2024 was the hottest in Ukraine over the past 100 years, and this negatively affected the harvest of many crops, such as soybeans, lentils and sunflower. The hot weather resulted in low yields and significant losses for PROMETEY. All of these factors have created serious problems for the company, and if the situation does not change in the near future, PROMETEY may be forced to take drastic measures to save its business.