The state-owned specialized enterprise “Forests of Ukraine” increased its pre-tax profit 3.7-fold in January-March 2026 compared to the same period in 2023—to 3 billion UAH, the company reported on Facebook.
According to the published data, the company’s net revenue for this period grew by 87% to UAH 8.6 billion. Timber harvesting volumes increased by 50% to nearly 3 million cubic meters. The pre-tax profit margin rose from 17.5% to 34.9%.
“Our results are not a coincidence or a matter of favorable market conditions. This is the result of systematic, comprehensive work,” the statement emphasizes.
The company attributes the growth in performance to the implementation of an open system for the sale of forest products, transparent procurement through Prozorro, and the discontinuation of non-core activities, particularly wood processing. Additionally, the company optimized its workforce: the number of employees decreased over three years from 30,000 to 21,000.
According to the state-owned enterprise, the average salary of forestry workers in the first quarter of 2026 rose to 38,000 UAH, compared to 15,000 UAH in the first quarter of 2023. At the same time, administrative expenses as a percentage of the payroll fund decreased from over one-third to 17%.
The amount of taxes paid to budgets at all levels during the reporting period increased by 166% and amounted to 4 billion UAH.
