OKKO Group has renovated 91 filling stations in 2022-2024, said Nazar Kupibida, CFO of the group, during the XXII Ukrainian CFO Forum in Kyiv on Thursday.
In addition, since the beginning of the full-scale war, 37 damaged OKKO filling stations have been reopened, while another 19 stations were lost and closed.
Kupibida said that the group lost 18.5 thousand tons of fuel worth $21.3 million as a result of the shelling of its tank farms, and the total losses are estimated at $70 million. The shelling forced the group to work from the wheels, and the fleet of fuel trucks was doubled.
In the structure of OKKO’s sales ($2.303 billion) last year, 72% were fuel retail, 14% were fuel wholesale, 9% were non-fuel sales, and 5% were other.
In the structure of EBITDA ($231 million), 70% was fuel retail, 22% was non-fuel sales, 3% was fuel wholesale, and 5% was other.
In 2022-2024, the group raised $194.4 million in working capital financing, including UAH 3.7 billion (equivalent to $88.4 million) from state-owned banks, $47.1 million equivalent from international financial institutions (IFIs), and $58.9 million equivalent from private Ukrainian banks.
Financing of investments since the beginning of the full-scale war: bioethanol project – EUR 75 million, wind farm – EUR 160 million, core business – UAH 1.1 billion.
According to the group, in 2023, the retail market of petroleum products in Ukraine fell by 14.6% compared to 2021.
Last year, six companies accounted for 55% of the retail market coverage. The share of OKKO (405 filling stations) was 19.4%, WOG (368 filling stations) – 14.4%, BRSM (214 filling stations) – 6.7%, Avias (822 filling stations) – 5.7%, UKRNAFTA (459 filling stations) – 4.4%, UPG (81 filling stations) – 4.3%.
OKKO Group unites more than 10 diversified businesses in production, trade, construction, insurance, maintenance and other services. The flagship company of the group is Galnaftogaz, which operates one of the largest filling stations in Ukraine under the OKKO brand, with about 400 filling stations.
The group’s founder and ultimate beneficiary is Vitaliy Antonov.
Turkish defense company Baykar intends to complete the construction of a plant near Kyiv in August 2025, the company’s CEO Haluk Bayraktar told Reuters.
“We have completed 80% of the construction and are now ordering vehicles. The date of production will be determined by the course of the war, but the facility will be ready in August 2025,” Bayraktar told the agency in an interview on Thursday.
The plant is expected to produce the TB2 or its heavier TB3 variant.
Baykar currently uses Ukrainian-made engines for its Akinci and Kizilelma drones. The company also recently signed an agreement with Ukraine’s Ivchenko-Progress to jointly develop a turbofan engine, Baykar said.
Over the next five years, Baykar will invest $300 million to develop a turboprop engine for the Akinci drone. This will be followed by the development of a turbofan engine for Kizilelma, an unmanned air-to-air combat vehicle currently undergoing flight testing.
Baykar will keep the capacity of the TB2 and Akinci production lines at the same level, and over the next few years will invest in the expansion of the TB3 and Kizilelma lines. The Kizilelma is expected to start mass production next year in the amount of 10 units. Baykar’s revenue last year was $2 billion, up from $1.4 billion the previous year, with 90% coming from foreign markets.
The company accounts for about a third of all Turkish exports of defense and aerospace products.
As previously reported, Turkish-made Bayraktar drones have gained wide popularity in the world after the Ukrainian military began using them to counter Russian troops, destroying armored vehicles and artillery systems. In February, it was reported that the Baykar plant in Ukraine would employ about 500 people and produce about 120 units per year.
Import changes in % to previous period in 2023-2024
Open4Business.com.ua
China’s economic growth rate may fall “substantially below 4%” if the country’s authorities fail to implement reforms aimed at supporting domestic demand, said the head of the International Monetary Fund (IMF) Kristalina Georgieva. The main obstacle to the recovery of consumer confidence in the PRC remains the troubled real estate sector, and the government needs to take measures aimed at fixing this problem, she said at a briefing in Washington.
In addition, in response to a question from an Egyptian journalist, Georgieva said she would soon visit Egypt to discuss the terms of an $8 billion loan program.
“We are open to adjusting the Egyptian program or any other program so that it best meets the interests of the people,” she said, adding that the Egyptian government still needs to implement reforms, and the sooner the better.
Earlier, Egyptian authorities signaled that it was becoming more difficult for them to meet the conditions voiced when granting the IMF loan due to geopolitical tensions in the region. Those conditions include, among others, cuts in government spending, including subsidies on fuel, electricity and food.
Insurance company “Quorum” (Kyiv) in January-June 2024 collected insurance premiums in the amount of UAH 30 million, which is 29.97% more than in the same period of 2023, the rating agency (RA) “Standard-Rating” reported in information on updating the credit rating / financial strength rating of the company on the national scale at the level of “uaAA”.
At the same time, it was clarified that the rating was updated based on the analysis of the company’s performance for the specified reporting period.
During this period, revenues from individuals increased by 26.38% to UAH 18.320 million, while there were no revenues from reinsurers. The share of individuals in gross premiums amounted to 61%.
Insurance payments sent to reinsurers in the first half of 2024 amounted to UAH 9,710 million, which is 29.24% higher than in the first half of 2023. The ratio of reinsurers’ participation in insurance premiums decreased by 0.19 pp to 32.33%.
The insurer’s net written premiums increased by 30.33% to UAH 20.322 million, and net earned premiums increased by 30.72% to UAH 20.165 million.
The volume of insurance payments and reimbursements made by the company in the first half of 2024 compared to the same period in 2023 increased by 24.38% to UAH 3,449 million, while the level of payments decreased by 0.52 percentage points to 11.48%.
RA notes that the company’s activities in the analyzed period were profitable. In particular, the profit from operating activities amounted to UAH 6.946 million, and net profit – UAH 6.644 million.
As of July 1, 2024, the company’s assets increased by 0.25% to UAH 64.127 million, equity – by 6.68% to UAH 59.776 million, liabilities showed a decrease of 45.18% to UAH 4.351 million, cash and cash equivalents increased by 2.95% to UAH 45.718 million.
Quorum Insurance Company was established in March 2014 and specializes in risk insurance.
During the annual Conference on Humanitarian Demining in Ukraine–2024 (UMAC-2024), partner countries announced nearly $70 million in additional commitments to support humanitarian demining. Luxembourg, the Netherlands, Norway, and Canada pledged additional funding. Since 2022, the total contribution from international partners has reached $1.07 billion.
“We greatly appreciate the contributions made by our partners to humanitarian demining in Ukraine. This is not just about equipment, funds, or projects – it’s about saving lives in Ukraine and restoring global food security. Thanks to this consistent support, we have already made significant progress in demining. A year ago, we met with partners at a demining forum in Zagreb, Croatia. At the time, we had 18 operators, around 3,000 deminers, and 32 demining machines. Today, 58 operators have been certified, the number of deminers has increased to over 4,000, and 98 demining machines are in operation,” said Yuliia Svyrydenko, First Deputy Prime Minister of Ukraine and Minister of Economy.
Luxembourg allocated $13 million for humanitarian demining projects in Ukraine. These funds will go to projects implemented by the United Nations Development Programme (UNDP) ($10.8 million), the international organization HALO Trust ($1.08 million), and through the EU Civil Protection Mechanism ($1.08 million).
Norway also announced additional funding for demining in Ukraine. The country will allocate $20 million for 2025, increasing its total contribution to $70 million. Norway’s efforts are focused on funding field operations, supporting affected communities, and strengthening demining capabilities.
The Netherlands, which has already contributed over $40 million to humanitarian demining in Ukraine, announced an additional $10.8 million for projects in 2025.
Canada will provide $24.5 million for humanitarian demining needs in Ukraine, bringing its total contribution to over $50 million.
The government of Latvia allocated over €270,000 for humanitarian demining in Ukraine. These funds will go to HALO Trust, whose specialists are working to clear land in several regions of Ukraine affected by military operations.
Switzerland, the host country of UMAC-2024, announced plans to deliver three heavy GCS-200 demining machines to the State Emergency Service of Ukraine (SES). The symbolic handover of the first machine took place during the conference. Switzerland also committed to providing 30 million Swiss francs to one of the projects of the Swiss Foundation for Mine Action (FSD), which operates in Ukraine. This funding is part of a previously announced assistance package worth 100 million Swiss francs.
The governments of Switzerland and the United Kingdom are ready to fund a pilot project for prioritizing humanitarian demining efforts. The system, based on a platform from the tech giant Palantir, will use large-scale data to determine priority areas for demining. The pilot project in Kharkiv region will last for three months.
The U.S., which announced $102 million in humanitarian demining assistance in September, introduced an initiative at the conference aimed at increasing the capacity of private demining operators. They plan to assess the needs of Ukrainian operators and strengthen their knowledge of how international donor organizations work, which will help these operators attract future international support. The first step in this direction could be strengthening cooperation between Ukrainian and international operators.
A final document supporting humanitarian demining in Ukraine was signed by 42 countries. One of its key points is that demining efforts should remain on the international agenda. The signatories committed to minimizing the impact of mines and war remnants on people’s lives through demining operations and the development of innovative technologies.
