Businesses of SCM Group's investment company Umgi boost revenue by 50% in 2024
In 2024, businesses of umgi, the investment arm of Intech under SCM Group, increased their revenue by nearly 1.5 times year-on-year to $262.21 million.
According to a press release issued on Monday, umgi's portfolio companies achieved strong financial results and expanded their footprint in Europe in 2024. Gross revenue reached $262.21 million, almost 50% higher than the previous year.
Most of the portfolio businesses saw growth in both service provision and product shipments. As a result, they paid $23.75 million in taxes across their countries of operation—a 189% increase compared to 2023. Over the year, umgi focused on strategic support of its existing portfolio, expanding its international network, and integrating Ukrainian businesses into European and global markets.
"The umgi team actively worked on several strategic M&A deals for VESCO Group as part of a long-term geographic diversification strategy to support the group's expansion into European and South Asian markets. In 2024, ARNOX also broke into new market segments, beginning deliveries of rare gases for the U.S. space industry," the press release states.
Additionally, umgi businesses laid the groundwork for further development, investing $3 million into capacity expansion – 76% of which was directed toward construction of new production facilities, equipment acquisition, and other long-term assets. Notably, Feednova, in which umgi holds a minority stake, began construction of a second plant in central Ukraine. The project aims to bolster national food security and develop animal by-product processing in line with European standards.
Company umgi is an investment company focused on the development of raw materials and processing businesses. It was founded in 2006 by SCM Group. Its investment focus includes mineral extraction, management of industrial by-products and waste, and production of industrial goods and services. The total value of its portfolio companies exceeds $500 million.
