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OptiMeal (1)

Kormotech concluded the year 2023 with a turnover of $152 million and increased its share of sales abroad to 31%

In 2023, Kormotech finished with a turnover of $152 million, surpassing the company's plans by $2 million. 

Sales volume reached 77.4 thousand tons, 10.5 thousand tons, and 15.7% more than the previous year.

The company amplified its share of sales outside of Ukraine. Consequently, the sales ratio abroad to those in Ukraine is now 31%/69% in tons, respectively. Kormotech's brands experienced the most dynamic growth compared to the previous year's sales volume in the markets of Romania (+35%), Poland (+11%), and Moldova (+11%). 

Over the past year, the company signed contracts with partners from South Korea and Malaysia, commenced sales in Finland, and actively expanded into the markets of Spain and Italy, enlarging its presence in 42 countries worldwide. In the Ukrainian market, Kormotech maintained its leadership positions — while the company's experts noted the retention of the trend of slowed market growth (plus 3% from the previous year).

The total investment in expanding production in Ukraine and Lithuania during 2023 amounted to €6.55 million. This course allowed the production of 73.3 thousand tons of feed, compared to 59.8 thousand tons of the previous year's production volumes.

"Kormotech's production, systematic distribution, and visibility in the market have already extended beyond Ukraine, and we continue to build the recognition of our brands and reputation abroad, integrating into global industrial processes. Our goal for the next five years is to enter the TOP-30 world pet food manufacturers, achieve a turnover of $500 million, and scale up into a global company," said Rostyslav Vovk, CEO and co-owner of Kormotech.

One of Kormotech's primary focus areas continues to be initiatives to enhance animal welfare in Ukraine. For instance, the philanthropic endeavor "Save Pets of Ukraine'' by Kormotech has successfully garnered $5.4 million in assistance from international donors over two years to aid animals impacted by the conflict in Ukraine. Through the adoption platform "Look 4 Paws," more than 1100 animals have been placed into new homes. Furthermore, with the support of the round-the-clock complementary veterinary care service, Optimeal, over 400,000 pet owners have sought assistance.