UST-LABINSK, RUSSIA — Kuban Agro holding, one of Russia’s largest agribusinesses and part of Basic Element industrial group, announced on March 18 a 49% increase in net profit for 2014, the company’s largest net profit growth since 2002.

Net profit was 1.1 billion rubles ($28.5 million), up from 743 million rubles in 2013. The company’s revenue reached $183 million compared to $210 million in 2013.

In 2014, the company reported winter grains production of 211,000 tonnes, up from198,000 tonnes; sunflower production of 25,600 tonnes, up from 25,500 tonnes; corn production of 48,000 tonnes, down from 59,000 tonnes; soybean production of 21,000 tonnes, down from 26,000 tonnes; and sugar beet production of 434,000 tonnes, down from 450,000 tonnes.

Kuban Agro has an eight-year track record of seed selection. The company was the first in Russia to implement a full-cycle seed production, from selection to sales. In 2014, the company’s specialists produced three new hybrids of its own high-yielding corn brand Ladozhsky, in addition to 16 hybrids that have previously been produced in Kuban Agro. Market share of Ladozhsky corn hybrids in Russia reached 4.5% in 2014 (2.6% in 2013).