Business news from Ukraine

MAJOR ELECTRIC ENERGY PRODUCING COMPANY CENTRENERGO TO PAY UAH 1.42 BLN IN DIVIDENDS FOR 2017

Shareholders in Ukraine’s major electric and thermal energy producing company Centrenergo have approved the payment of dividends for 2017 in the amount of UAH 1.418 billion, or UAH 3.84 per share. Centerenergo will pay UAH 1.1 billion in dividends to the state alone on the results of financial and economic activities in 2017,” Acting head of the State Property Fund Vitaliy Trubarov wrote on Facebook. He recalled that the state owns a 78.2% stake in Centrenergo.
Under the law, the funds should be transferred to the national budget before July 1 this year, he said.
According to the minutes of the shareholders’ meeting, it was decided to allocate 75% of net profit to pay dividends, while for 15% will be spent on replenishment of the reserve fund, and another 10% on the production development fund.
As reported, Centrenergo in 2017 increased its net profit by 4.9 times (by UAH 1.504 billion) compared to 2016, to UAH 1.891 billion. The company’s revenue grew by 2.1%, to UAH 10.919 billion, and its total value of assets increased by 17.4%, to UAH 10.074 billion. The minutes also said that Centrenergo’s undistributed profit had amounted to UAH 2.966 billion as of the beginning of 2018.

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SCATEC SOLAR FROM NORWAY PUTS 150 MW SOLAR POWER PLANTS’ CONSTRUCTION IN UKRAINE INTO ITS PORTFOLIO

Norway’s Scatec Solar has included into its project portfolio the construction of solar power plants with a total capacity of 150 MW in Ukraine, the company’s press service reported. The company has not disclosed any other details regarding the construction of stations. As reported with reference to Cherkasy Regional Administration, Scatec Solar planned to build a solar power plant with the installed capacity of 25 MW in Kamianka, Cherkasy region. Scatec Solar has built solar power plants with a total capacity of 322 MW in different countries. The company is in the process of building plants with the capacity of 434 MW.
Scatec Solar operates in the Czech Republic, South Africa, Ruanda, Honduras and Jordan.

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UKRAINE’S RETAIL TRADE TURNOVER IN Q1 GROWS BY 7.6%

Ukraine’s retail trade turnover, excluding the temporarily occupied territory of Crimea, Sevastopol and Donbas, grew by 7.6% in comparable prices in January-March 2018 (Q1) year-over-year, the State Statistics Service said on Friday. In particular, retail trade turnover in March-2018 increased by 13.1% compared to February this year and by 7.6% compared to March 2017, it said.
The largest growth in retail trade turnover in January-March 2018 compared to the same period in 2017 was observed in Vinnytsia region (12.3%), Zakarpattia (11.8%), Mykolaiv (10.8%), Sumy (9. 9%), Lviv (9.7%), Chernihiv (9.6%), Cherkasy (9.4%), Odesa (9.2%), and Kherson (8%) regions.

UKRAINIAN AND GERMAN FINANCE MINISTERS DISCUSS TECHNICAL ASSISTANCE PROJECTS

Ukraine’s Finance Minister Oleksandr Danyliuk and German Finance Minister Olaf Scholz have discussed the results of reforms in Ukraine over the past four years, the state of cooperation with the International Monetary Fund and the deepening of cooperation between Ukraine and Germany. The meeting took place on Friday, April 20, as part of the spring meetings of the IMF and the World Bank in Washington, the press service of the Ukrainian Finance Ministry reported on Saturday. “The meeting also addressed the German support in the formation of the 4th EU macro-financial assistance program and the implementation of projects of technical assistance to Ukraine by the German government,” the report reads.
“Danyliuk thanked Scholz for many years of support of Ukraine by the German government and the provision of expert and technical assistance in the implementation of reforms.
“For his part, the German finance minister assured that the Finance Ministry and the government of Germany as a whole will provide further assistance to Ukraine in implementing key reforms,” the press service said.
In addition, Danyliuk met in Washington with Latvian Finance Minister Dana Reizniece-Ozola, with whom he discussed Latvia’s experience in reforming the tax system, ways to improve efficiency and transparency of tax administration, and comprehensive reform of the State Fiscal Service (SFS).
“Oleksandr Danyliuk and Dan Reizniece-Ozola discussed the possibility of the arrival of Latvian consultants for the implementation of the SFS comprehensive reform and the establishment of the Financial Investigation Service,” the report said.