Business news from Ukraine

Business news from Ukraine

Scythian gold collection will return to Ukraine in near future

Acting Minister of Culture and Information Policy Rostislav Karandeyev announced the return to Ukraine in the near future of the collection of “Scythian gold”, which was exhibited in a museum in the Netherlands, according to the press service of the ministry.

“The Ministry together with partners from the Netherlands is carrying out a number of activities aimed at the earliest possible return of the collection of artifacts to Ukraine,” – said Karandeev.

As reported, the exhibition “Crimea. Golden Island in the Black Sea”, representing the collection of Scythian gold jewelry, was formed at the Allard Pearson Museum from the collections of five museums, one of which is located in Kiev, four – in Crimea. After the occupation of Crimea by the Russian Federation, which occurred after the opening of the exhibition, the question arose as to whom to return the collection – 565 museum objects with a total insured value of EUR10 million.

The Russian Federation claimed its rights to part of the collection belonging to Crimean museums after the occupation. Ukraine, in turn, stated that the exhibits cannot be returned to the occupied territory, which is temporarily not under Ukrainian control, and must be transferred directly to the state of Ukraine.

In December 2016, the District Administrative Court of Amsterdam recognized Ukraine’s rights to the collection and ordered its transfer to Kiev. In October 2021, the Amsterdam Court of Appeal confirmed the decision of the court of first instance. After that, in January 2022, the “Crimean Museums” filed a cassation against the decision of the Court of Appeal.

On June 9, the Supreme Court of the Netherlands upheld the decision of the previous instance in the case on the fate of the “Scythian gold” and ruled to hand it over to Ukraine.

Yuria PrJSC to allocate UAH 85.3 mln of profit to pay off past losses

The Supervisory Board of Yuria PrJSC (Cherkasy), a producer of dairy products under the Voloshkove Pole brand, proposes that shareholders waive dividends and allocate all UAH 85.341 million of net profit for 2022 to pay off past losses.

The relevant issue is on the agenda of the remote annual meeting on November 14 this year, the company said in a statement in the NSSMC disclosure system.

According to the announcement of the meeting, last year’s profitable performance made it possible to reduce accumulated losses by 25.1% to UAH 254.7 million and negative equity by 28.6% to UAH 212.6 million.

The meeting also plans to consolidate the two-tier management structure and re-elect the supervisory board approved in 2021.

It is noted that in 2022, Yuria received UAH 85.34 million in net profit compared to UAH 160.82 million in net loss in 2021. Last year, the company’s assets increased by 26.9% to UAH 1.54 billion, accounts receivable by 16.7% to UAH 1.05 billion, while current liabilities increased by 16.5% to UAH 1.70 billion.

At the end of last year, the company’s free cash flow amounted to UAH 176.7 million compared to UAH 7.394 million a year earlier, while inventories decreased slightly to UAH 163.1 million from UAH 168.9 million.

In the first half of 2023, Yuria increased its revenue by 15.3% to UAH 801.41 million, earning UAH 9.18 million in net profit, compared to UAH 1.03 million in the same period last year.

In terms of monetary sales, 43.3% of sales were for milk and cream (9.62 thousand tons), 14.9% for butter (374.6 tons), 11.8% for sour cream (922.7 thousand tons), 7.9% for fresh cheese (343.1 tons), 7.0% for kefir (1.29 thousand tons), and 6.1% for casein (160 tons) and yogurt (740.7 tons).

As reported, the dairy producer under the Voloshkove Pole brand invested EUR 1.5 million in the installation of a Tetrapak line in 2023 to double the production of ultra-pasteurized milk, which it intends to sell on the domestic market and export.

Yuria is the legal successor of Cherkasy City Dairy Plant with a design capacity of 25 tons of raw material processing per day.

The company has subsidiaries Yuria-2, a chain of branded stores and kiosks in Cherkasy, and Yuria-Trans, a trucking company that delivers raw materials for processing, products to retail outlets, and provides other transportation services.

The company’s raw material area is Cherkasy, Kirovograd, Poltava, Kyiv and Vinnytsia regions. Milk is collected in more than 200 settlements.

The company’s beneficiaries are Oleksandr and Andriy Tabalov.

“Nova Poshta” opens its first branch in Estonia

Nova Poshta Group has launched the first Nova Post office in Estonia, in the capital Tallinn, the company’s co-founder Volodymyr Popereshnyuk wrote on his Facebook page.
According to him, the first shipment from Estonia had an addressee in the Izium district of Kharkiv region.
According to the company’s press release, Nova Post’s Tallinn branch, which is open seven days a week, allows customers to receive and send documents, parcels, and cargo up to 1,000 kg to Ukraine.
The cost of delivery to Estonia from Ukraine is: UAH 250 for documents, as well as UAH 400, UAH 600 and UAH 1.2 thousand for parcels up to 2 kg, 10 kg and 30 kg, respectively. When sending a parcel from 30 to 100 kg, 40 UAH is paid for each kilogram.
It is noted that delivery from Ukraine to Estonia takes 5 days.
In addition, there is a courier call service in Estonia through the Nova Poshta app.
“Delivery or pickup by courier to the address is charged an additional UAH 100 for shipments up to 30 kg, or UAH 250 for every 100 kg”, the company said in a statement.
Nova Post has already opened 62 branches in Poland, Lithuania, the Czech Republic, Romania, Germany, and Moldova and plans to open in Latvia, Hungary, Italy, France, and Austria by the end of the year.
As of the beginning of July 2023, the Nova Poshta network in Ukraine included more than 10 thousand branches and more than 14 thousand post offices.
The Group of Companies includes Ukrainian and foreign companies, including Nova Poshta, NP Logistic, NovaPay payment system and Nova Poshta Global.

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“Centravis” increased production of stainless pipes by 12%

“Centravis Production Ukraine”, a part of Centravis Ltd. holding, produced 9.4 thousand tons of seamless stainless steel pipes in January-September this year, up 12.3% year-on-year (8.37 thousand tons).
“We are fighting for every ton, as some potential customers still do not want to deal with Ukrainian producers because of the full-scale war. We have just returned from two international exhibitions – Stainless Steel World in the Netherlands and Adipec 2023 in the United Arab Emirates. The key task of our salespeople is to convince them that the Ukrainian company is capable of performing its work at a high level even in the current environment. This is exactly what we have been doing for almost 1 year and 9 months”, Centravis CEO Yuriy Atanasov commented on the preliminary results of the first nine months of this year, as quoted by the press service.
According to him, production utilization is currently at 65-75% of the pre-war level.
According to a press release on Friday, despite the constant shelling of Nikopol and the area, Centravis continues to develop. In 2023, the company opened a new production facility in Uzhhorod with a total investment of over UAH 50 million and continues to export its products to different regions of the world. In particular, it participates in the implementation of such landmark projects as the construction of the International Thermonuclear Experimental Reactor (ITER).
Founded in 2000, “Centravis” is one of the ten largest producers of seamless stainless steel pipes in the world. Its main production facilities are located in Nikopol (Dnipropetrovska oblast), and in 2023 a branch of the company was opened in Uzhhorod.
The company employs over 1400 people.
The company’s supply geography exceeds 50 countries. Currently, Centravis has offices in the United States, Germany, Italy, Switzerland, Poland, and the United Arab Emirates. “Centravis” cooperates with Benteler Automotive, Buhlmann Group, Webco – with various companies on different continents.
Centravis Ltd. holding was established on the basis of Nikopol Stainless Pipe Plant CJSC, service and trading companies of Production and Commercial Enterprise YUVIS LLC. Its shareholders are members of the Atanasov family. Centravis Ltd. owns 100% of the shares in Centravis Production Ukraine.

Ukrgasbank’s net profit amounted to UAH 2.9 bln

The profit of the state-owned Ukrgasbank in January-September 2023 amounted to UAH 2.92 billion, while the bank ended the same period in 2022 with a net loss of UAH 3.36 billion, according to the financial institution’s website.

“The target was exceeded by more than UAH 1.05 billion,” Ukrgasbank commented on the financial result.

The operating profit before taxation and deductions to reserves for January-September of this year amounted to UAH 3.25 billion, in particular, in September the bank received UAH 530 million of operating profit, and net operating profit amounted to UAH 299.6 million.

The press service noted that Ukrgasbank is among the five banks with the largest increase in customer accounts: the growth of the hryvnia portfolio of individuals and legal entities in January-September amounted to UAH 2.8 billion and UAH 18.4 billion, respectively.

According to the National Bank of Ukraine, as of September 1, 2023, Ukrgasbank ranked 4th in terms of total assets (UAH 168.6 billion) among 64 banks operating in the country, its net profit for the first half of the year amounted to UAH 2.6 billion.

In the third quarter, the state-owned bank’s network decreased by one branch and now includes 218 structural units across the country.

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Blackstone’s net profit surged, assets exceeded $1 trillion

Blackstone Group Inc. the world’s largest alternative investment management company, recorded strong net income growth in the third quarter of 2023 and an increase in assets under management.

According to a company press release, net income for the July-September period totaled $552 million, or 73 cents per share, compared with $2.3 million, or less than 1 cent per share, for the same period a year earlier.

Meanwhile, distributable earnings fell to $1.2 billion from $1.4 billion.

Revenue jumped to $2.54 billion from $1.06 billion.

The volume of assets under management of Blackstone at the end of the third quarter amounted to $1.01 trillion, up 6% over the year.

The company will pay a dividend of 80 cents per share at the end of the third quarter.

Blackstone’s stock price is down 5.8% in Thursday trading. Since the beginning of this year, the company’s capitalization has increased by almost 30% to $124.3 billion.

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