In 2023, the consolidated net income of Nova Poshta LLC amounted to UAH 43.65 billion, which is 53.3% more than in 2022 (UAH 28.46 billion), according to the company’s consolidated financial statements.
“The group’s revenue from services includes revenues from express delivery of UAH 36.7 billion (84% of the group’s total revenue) and revenues from money transfers of UAH 6.5 billion (15% of its total revenue)…”, the auditor Baker Tilly Ukraine notes in the report.
According to the report, the consolidated net profit of Nova Poshta reached UAH 4.28 billion last year, which is 31.1% better than in 2022.
As previously reported with reference to unconsolidated financial statements, in 2023, Nova Poshta LLC increased its net profit by 85.7% to UAH 3 billion 967.2 million, and its revenue increased by 54% to UAH 36.47 billion.
It is specified that the group’s consolidated gross profit increased by 64.9% last year to UAH 12.15 billion, and operating profit by 46.4% to UAH 7.44 billion.
It is also noted that net cash flow from operating activities in 2023 increased to UAH 8.27 billion from UAH 6.07 billion a year earlier, while negative cash flow from investing activities increased to UAH 4.96 billion from UAH 2.58 billion, and from financing activities – to UAH 1.73 billion from UAH 1.67 billion.
At the end of 2023, the Group’s cash and cash equivalents amounted to UAH 6.5 billion compared to UAH 4.94 billion a year earlier, and net debt amounted to UAH 5.65 billion compared to UAH 4.07 billion.
The consolidated report states that in 2023, Nova Poshta established 18 subsidiaries abroad, 15 of which are wholly owned by the group, bringing the total number of foreign companies to 20 at the end of 2023.
For example, in March, UK Novapay LTD was established with a contribution of UAH 13.7 million at the time of establishment, but during the year, additional contributions to the authorized capital amounted to UAH 26.2 million.
In 2023, investments in Nova Post Estonia OU and Nova Post Latvia SIA, established in the same March, amounted to UAH 12 million and UAH 16.0 million, respectively, while investments in Nova Post FR SAS and Nova Post IT S.R.L., established in July, amounted to UAH 21.5 million and UAH 14.3 million, respectively.
The largest investments among foreign companies last year were made in Nova Post Poland SP. Z O O – UAH 393 million.
It is specified that many foreign companies have so far shown a loss last year, in particular, the net loss of Nova Post Poland amounted to UAH 157 million.
At the same time, in January 2024, NovaPay distributed dividends for 2023 in the amount of UAH 180 million, of which UAH 175.2 million was paid.
In the report, the group reminded that in July 2022, in order to expand and increase the efficiency of its logistics business and infrastructure, it made capital contributions to KMS LLC, Podol Expo LLC and Nova Place LLC in the amount of UAH 509.1 million, UAH 504 million and UAH 90.4 million, respectively, receiving 85%, 99% and 99% of the shares. “KMS owns logistics terminals in Kyiv, Podol Expo – in Chernihiv and Khmelnytsky, and is also building terminals in Kyiv region.
It is noted that in February 2023, Nova Poshta decided to increase its investment in Podol-Expo by an additional capital contribution of UAH 498.6 million, and in October it increased its investment by an additional capital contribution of UAH 582.8 million.
In addition, in June 2022, the Group contributed UAH 868 million and UAH 1,291 million to the capital of Novobox LLC and Dnipro Development Group LLC, respectively, receiving 99% and 95% stakes. “Novobox operates a network of post offices across Ukraine, while DDG is building logistics terminals in Odesa and Dnipro. In 2023, investments in them, according to the report, amounted to UAH 258.6 million and UAH 172.8 million, respectively.
Finally, in March 2024, Nova Poshta acquired 100% of Nova Development LLC, the successor to Best Logistics Group, which was engaged in the construction and leasing of logistics complexes and was part of the Globus full-cycle development holding, and by May made an advance payment of UAH 151.4 million.
According to the group’s report, payments to 22 key management personnel in 2023 amounted to UAH 533.5 million, which is 2.4 times more than in 2022, when there were 21 representatives.
