PrJSC Ingulets Mining and Processing Plant (InGOK, Kryvyi Rih, Dnipro region), a member of Metinvest Group, reduced its net loss by 5 times to UAH 167.235 million in 2023 from UAH 851.259 million in 2022.
According to the decision of the sole shareholder, Metinvest B.V. (Netherlands), which owns 100% of the shares of PJSC “InGOK”, at its meeting on April 30, 2024, the losses for 2023 will be covered by future periods.
Another shareholder’s decision – at the meeting of May 14, 2024 – changed the company’s management structure to a one-tier one with the corresponding amendments to the charter. At the same time, after the registration of the updated charter, the supervisory board was dissolved and a four-member board of directors was created. It includes Metinvest CEO Yuriy Ryzhenkov, Metinvest CFO Yulia Dankova and Metinvest Legal Director Svetlana Romanova as non-executive directors for three years, as well as Igor Tonev as executive director, whose position as CEO is being eliminated.
Earlier, based on the shareholder’s decision of March 23, 2024, Oleksandr Gerasymchuk’s powers as CEO were terminated by agreement of the parties, and Tonev was appointed CEO.
On May 24, 2024, the state registration of the new version of the charter of InGOK took place. On May 25 this year, at a meeting of the Board of Directors of InGOK, Metinvest’s CFO Yulia Dankova was elected Chairman of the Board of Directors for a term from May 25, 2024 to May 24, 2027 inclusive. Igor Tonev was elected Chief Executive Officer with a term of office from May 25, 2024 to April 2, 2025 inclusive. And it was determined that in accordance with clause 7.8 of the charter of InGOK, the chief executive officer in the general activities, organizational structure, staffing and document flow of the company is called the general director.
By the shareholder’s decision of June 13, 2024, at its meeting, the net profit of UAH 1 billion 613.7 million received in January-March of this year is allocated to pay dividends for 2024. At the same time, almost UAH 0.585 of dividends are paid per ordinary share.
The Board of Directors of the company (Minutes No. 2 dated June 14, 2024) decided to establish the date of compiling the list of persons entitled to receive dividends, the procedure and term for their payment. The start date of dividend payment is July 1, 2024, and the end date of dividend payment is December 13, 2024 inclusive.
As reported, InGOK completed 9 months of the year. 2023 with a net loss of UAH 1 billion 316.821 million, while in the same period of 2022 it received a net profit of UAH 113.843 million. The company’s retained earnings as of the end of September 23 amounted to UAH 13 billion 869.051 million.
InGOK ended 2022 with a net loss of UAH 851.259 million, while in 2021 it received UAH 20 billion 446.101 million in net profit. In 2020, InGOK reduced its net profit by 75.3% year-on-year to UAH 1.5 billion.
It was also reported that in April this year, Metinvest introduced a new model for the operation of Kryvyi Rih mining enterprises, uniting mining and processing plants in Kryvyi Rih under a single management. Central, Ingulets and Northern GOKs are managed by a single administrative and management center. For this purpose, a mining department was set up within the group’s operating directorate. The department is headed by Igor Tonev, who has also been appointed as the sole CEO of the three GOKs. Prior to this position, he was the head of Metinvest-SMC, a sales company, since 2019, and has been with Metinvest since 2011.
The company specializes in the extraction and processing of ferruginous quartzite from the Ingulets deposit located in the southern part of the Kryvyi Rih iron ore basin. It produces iron ore concentrate. The company’s production capacity is 14 million tons of iron ore concentrate per year.
Metinvest B.V. (Netherlands) owns 100% of the shares of PrJSC “InGOK”.
The authorized capital of PrJSC “InGOK” is UAH 689.906 million, the share price is UAH 0.25.
InGOK is a part of Metinvest Group, whose major shareholders are System Capital Management (SCM, Donetsk, 71.24%) and Smart Holding Group (23.76%). Metinvest Group’s management company is Metinvest Holding LLC.
TAS-DniproVagonMash LLC (DVM, Kamianske, Dnipro region), a major Ukrainian railcar manufacturer controlled by businessman Sergiy Tigipko’s TAS Financial and Industrial Group, ended January-March 2024 with a net profit of UAH 7.17 million, down 5.2 times from the same period in 2023.
According to the company’s interim reporting, published on Monday in the information disclosure system of the National Securities and Stock Market Commission (NSSMC), its net income in the first quarter decreased by 4.4% to UAH 379.24 million.
The company reduced its gross profit by 42.4% to UAH 34.26 million, earning UAH 9.31 million in operating profit (4 times less).
The report notes that 177 railcars were produced during the reporting period, accounting for 28% of the total Ukrainian freight car production. Among the main competitors are Kryukiv Carriage Works, Karpaty OMZ, and Ukrzaliznytsia plants.
The company sold 157 freight cars (in the first quarter of 2023, the number was not specified) at an average selling price of UAH 2.162 million.
The main clients are Overfood LLC, Weststar Group, and Ukrros-trans.
According to the company, exports amounted to UAH 1.6 million (0.4% of sales).
“Russian aggression has dramatically changed the freight base of rail logistics in Ukraine, and as a result, freight traffic has more than halved. The largest share of the decline was in the mining and metals, fuel and energy, and construction sectors,” the company reminds.
“TAS-Dniprovagonma notes that in the first quarter of this year, the demand for railcars continued to decline in the railcar market.
Among the reasons are the restrictions on the maximum service life of railcars canceled in 2021, the deterioration of the Grain Corridor in the ports of Greater Odesa due to constant aggravations, the blockade of western border crossings by European agricultural market participants, and an increase in the turnover of rolling stock due to the lack of traction rolling stock at Ukrzaliznytsia due to significant wear and tear.
As reported, in early 2023, TAS Group became a strategic investor in the TransAnt GmbH railcar building joint venture of Austrian Voestalpine and ÖBB Rail Cargo with a 40% stake, and in the spring of 2024 it became the majority shareholder in TransAnt, increasing its stake to 61%.
In October 2023, TAS Dneprovagonmash shipped the first lightweight modular freight cars (MultiBOX) for use on EU railways, and by the end of the year it had a full line of platform freight cars for the EU market.
According to Tigipko, TAS Dneprovagonmash plans to sell up to 100 railcars for export to Europe, with the average price of a railcar being around EUR100 thousand.
This year, the company plans to invest UAH 100.2 million in the development of the European direction (for the purchase of equipment): UAH 4.8 million in the first quarter, UAH 7.4 million in the second quarter, UAH 62.8 million in the third quarter, and UAH 25.2 million in the fourth quarter.
It is also planned to invest UAH 15 million in energy saving this year, and UAH 20 million in other investments (certification, testing, development of regulatory documentation).
As reported, in 2023 the company produced 378 freight cars (including for the EU market), which is 34.8% less than in 2022, while sales decreased by 40.6% to 370 units.
Net income from sales of railcars and other products decreased by 2.8% to UAH 1 billion 77 million, while net profit increased slightly to UAH 49.2 million.
TAS Group was founded in 1998 by businessman Tigipko. Its business interests include the financial sector (banking and insurance) and the pharmacy sector, as well as industry, real estate, and venture capital projects.
In the 2024-2025 marketing year (MY, September 2024-August 2025), Ukraine will be able to export more than 60% of its agricultural products despite the constant shelling of critical infrastructure and problems with electricity, said Acting Minister of Agrarian Policy and Food Taras Vysotskyi during a national telethon.
“We remain an export-oriented country in terms of agriculture. Most of the products we grow will be exported. Most likely, it will be more than 60%,” he said.
Vysotsky called safe and affordable logistics the main component of agricultural exports during a full-scale war.
“The military has done a lot here. But again, we see that the enemy does not stop, constantly shelling, in particular, the southern regions. We will actively work to ensure this logistics and the necessary systematic access of critical infrastructure to energy,” he emphasized.
The Acting Minister also reminded that many export operations, such as unloading, sorting, and distribution, require electricity.
“There are relevant government decisions that guarantee that the infrastructure critical to the agricultural sector can have access to uninterrupted electricity supply. Basic facilities have been included in the list. Everything is being done to ensure that these two challenges do not stop our production and exports,” summarized the head of the Ministry of Agrarian Policy.
The Antimonopoly Committee of Ukraine (AMCU) will consider the application of an individual to provide preliminary conclusions on the need to obtain authorization for the acquisition of substantial participation in ALC “IC Greenwood Life Insurance” (Kiev), which will ensure that he exceeds 50% in the supreme governing body of the company, according to the Committee’s website.
As reported, Greenwood Life Insurance has been operating in the Ukrainian life insurance market since 2007 as the legal successor of the insurance company Garantiya Life.
The National Bank of Ukraine in May 2024 applied a measure of influence to IC “Greenwood Life Insurance” in the form of a written reservation and obligations to take measures to eliminate the identified violation until August 13, 2024
The measure of influence was applied due to the fact that the insurer increased the size of the authorized capital without the approval of the National Bank, the report says.
Ukraine has already harvested more than 100 thousand tons of grain for the 2024 harvest, Acting Minister of Agrarian Policy and Food Taras Vysotskyi said during a national telethon.
“As of the previous Thursday, there were 50 thousand tons. Today we can already talk about more than 100 thousand tons. The main crops that are being harvested are barley – both winter and partially spring – as well as peas and wheat,” he said.
According to the acting minister, the Ministry of Agrarian Policy forecasts the harvest of grains and legumes at 56 million tons this year.
“This is a preliminary forecast. Naturally, we will have a clearer figure later. But this is a good indicator given the fact that the country is, unfortunately, in the third year of a full-scale invasion,” Vysotsky emphasized.
He stated that grain crops have seen a reduction in production areas due to the change in crop rotation. At the same time, the area under oilseeds has been expanded.
“If we are talking about rapeseed, sunflower, soybeans, this year we expect to produce more than 20 million tons, possibly even up to 22 million tons,” the acting Minister said.
He added that oilseeds have lower yields per hectare, but their price is higher than grain. This will allow Ukrainian farmers to get harvest figures no less than in previous years.
“Ukrainian farmers are harvesting 80% of the agricultural area, as 18-20% of the farmland is temporarily under occupation. At the same time, all agricultural land under the control of Ukraine is fully sown,” the acting Minister of Agrarian Policy summarized.
The agricultural holding Continental Farmers Group has started the first wave of harvesting winter crops, which are grown on 89.5 thou hectares, the press service of the agricultural holding reports.
According to the report, in the season-2024, the agroholding’s winter wheat area is 43.2 thou hectares, winter rapeseed – 33.4 thou hectares, winter barley – 12.9 thou hectares.
Continental started the harvest with threshing of winter barley in the Lviv cluster, followed by the harvest in the Galych, Bukovyna and Tsentr clusters. Once barley harvesting is complete, winter rapeseed threshing will begin in the first ten days of July. Winter wheat harvesting is expected to start in mid-July, the agricultural holding said.
According to Konstantin Shityuk, COO of Continental Farmers Group, due to the peculiarities of this spring and the extended vegetation of winter crops, the agricultural holding expected a very early start of the harvest. However, the situation was changed by a prolonged drought in May, and only in early June did farmers across the western region receive sufficient rainfall to normalize the duration of crop development.
“We still started barley harvesting much earlier than average: the June rainfall had little impact on its development. However, winter rape and winter wheat harvesting will start as usual in July. We were preparing for this year’s harvesting campaign with great seriousness given the significant uncertainties associated with the possibility of truck traffic, movement of equipment, changes in mobilization legislation, etc. There were difficulties in the supply of spare parts and disruptions in logistics, but in general, we managed to prepare the equipment, secure resources and get 100% ready for the start in the spring,” explained Shityuk.
The agricultural holding noted that Continental’s elevator facilities are equipped with generators to ensure uninterrupted operation during power outages and are fully prepared to receive early crops. The agricultural holding is also fully provided with the necessary machinery for harvesting: the share of leased units has not increased compared to previous years and is about 15%.
“The only issue that could negatively affect the harvesting campaign is the provision of trucks for harvesting, as most carriers do not belong to the critical infrastructure sector,” Continental summarized.
Mriya Agroholding and CFG, united under the name Continental Farmers Group, have been operating as a single business since November 2018, when Mriya entered into an agreement with international investor Salic UK to sell its assets.
Salic was founded in 2012. Its sole shareholder is the Saudi Arabian Public Investment Fund, which invests in agricultural and livestock production.
