Steppe: revenue up 47%
05 December 2019
Steppe agroholding, a Russia-based agricultural subsidiary of AFK Sistema Corporation, raised its revenue 26.3% to $ 162 million in Q3 2019, as compared to Q3 2018. In January – September 2019, revenue grew 47% and reached $ 333 million, a record high for the whole period of the company’s operations. The key reason for the revenue growth was productivity increase in crop and dairy segments as well as sales growth.
Steppe reports that its gross harvest of major agricultural crops increased 11.2% to 1.16 million tonnes in the period from January to September 2019 as compared to the last year's Q3 result. At the same time, gross milk output amounted to 14.000 tonnes, a 17.7% increase as compared to the nine months' result of 2018. Currently, Steppe operates 450,000 hectares of farmland and plans to expand its farmland area up to 500,000 hectares by 2020.