Glencore finalized the sale of farming assets in Ukraine
Glencore continued its gradual exit from agriculture by selling the remaining Ukrainian agricultural assets in the second half of 2017, Interfax-Ukraine reports.
"Portfolio changes reflected the addition of a sugarcane mill in Brazil, adding 50% to crushed volumes, and the sale of our farming assets in Ukraine," the company's report writes.
The Antimonopoly Committee of Ukraine (AMCU) in 2017-2018 authorized a number of purchases of Glencore elevators, grain-producing integrated works, and agricultural enterprises.
Reference: Glencore's net profit increased fourfold to USD 5.78 billion in 2017 (2016: USD 1.38 billion), revenue increased 34% to USD 205.48 billion. The company's EBITDA amounted to USD 14.8 billion, which is 44% more than for the same period last year (2016: USD 10.3 billion). It is also noted that Glencore reduced the debt by almost a third to USD 10.67 billion.