According to the results of the first quarter of 2025, JSC “NAEK ‘Energoatom’ received UAH 12.15 billion in net profit, said the head of the Temporary Investigation Commission (TIC) of the Verkhovna Rada on violations in the tariff policy in the energy sector, People’s Deputy Oleksiy Kucherenko, referring to the company’s financial statements on Facebook.
“In addition, the amount of depreciation accrued for the first quarter of 2025 amounted to UAH 5.7 billion. Thus, a total of almost UAH 18 billion was allocated for distribution in the first quarter,” he wrote.
According to Kucherenko, of the UAH 18 billion, about UAH 3-4 billion was allocated for capital investments, and the remaining UAH 14 billion requires separate justification for its distribution.
“That is, for the first quarter of 2025 alone, UAH 14 billion already requires justification for its further distribution,” he said.
As the head of the TSC recalled, at the end of 2024, Energoatom recorded a net profit of 1.3 billion hryvnia.
“The result of the TSC’s work (requests sent, working hearings held, meetings) was that, already during the commission’s work, the management of energy companies began to realize the risks of manipulating financial reporting indicators,” Kucherenko said.
As reported with reference to the report of the Temporary Investigation Commission headed by him, the current electricity tariff for the population of 4.32 UAH/kWh provides Energoatom with additional undistributed profit and depreciation in the amount of 0.99 UAH/kWh, which is about 49 billion UAH per year.
Members of the Temporary Investigation Commission believe that the price of electricity for the population set by the Cabinet of Ministers as of May 2024 is fully in line with economically justified levels.
On May 14, the Verkhovna Rada took note of the TSC’s report on the investigation of possible violations of Ukrainian legislation in the formation and implementation of pricing and tariff policy in the energy and utilities sectors during its six months of operation.
By a corresponding resolution, the Rada extended the work of the Temporary Commission for the period specified by parliament (one year from the date of its establishment) and decided to hear its report on the work done at a plenary session by October 30, 2025. This Temporary Commission was established by a resolution of the Verkhovna Rada on October 30, 2024.
In 2024, Energoatom paid UAH 145.35 billion for PSO services (provisions on the imposition of special obligations – IF-U), allocating 58% of its net income to this purpose. The company’s net profit for the past year amounted to UAH 1.3 billion.
During the war, the OKKO gas station network has reconstructed about a third of its gas stations, investing $350-400 thousand in each modernization, said Vasyl Danylyak, CEO of OKKO GROUP and co-founder of GORO Mountain Resort.
“In three years of war, OKKO has updated a third of its network. I believe this is the highest figure among all networks operating in Ukraine today,” Danylyak said in the company’s YouTube project DIALOGI.
As Danylyak explained, the decision to modernize the gas stations was linked to the desire to maintain market leadership amid a decline and fierce competition. He noted that the war has significantly changed the distribution of gas station chains in the market, with OKKO increasing its share from approximately 15% at the start of the war to 22% by the end of 2022. Thus, according to him, OKKO took first place, although before the war it was held by the Privat group, which also had a 22-24% share.
“But we understood that we needed to consolidate our position on the market. And we decided to carry out a massive rebranding and reconstruction of our first-generation filling stations,” said the CEO of OKKO.
He added that the modernization began in mid-2022 and became widespread in 2023. According to him, approximately 60 gas stations were modernized in 2023 and 2024.
“On average, the reconstruction of one gas station – interior and exterior – cost approximately $350,000 in 2023. Today, due to slight price increases, it is about $400,000,” Danilyak said.
According to the OKKO CEO, the network has lost approximately $120 million since the beginning of 2022 due to the destruction of its oil depots as a result of Russian sanctions.
OKKO Group unites more than 10 diverse businesses in the fields of manufacturing, trade, construction, insurance, services, and other services. The group’s flagship company is Galnaftogaz, which operates one of the largest gas station chains in Ukraine under the OKKO brand, with about 400 gas stations.
The founder and ultimate beneficiary of the group is Vitaliy Antonov.
PrivatBank topped the ranking of the most profitable banks in the first quarter of 2025 with a net profit of UAH 16.8 billion. The top three also included state-owned Oschadbank and Ukreximbank with UAH 4.7 billion and UAH 2.4 billion, respectively.
According to the National Bank’s website on Monday, Raiffeisen Bank (UAH 2.2 billion) and Universal Bank (mono) (UAH 1.7 billion) (all based in Kyiv) also made it into the top five.
According to the published data, the second five most profitable banks were PUMB with UAH 1.5 billion, Credit Agricole Bank with UAH 1.3 billion, Ukrsibbank with UAH 1.3 billion, City Bank with UAH 1.2 billion, and OTP Bank with UAH 1.1 billion.
According to NBU statistics, in the first quarter of 2025, 50 Ukrainian banks received UAH 40.4 billion in net profit, while 10 operated with a total loss of UAH 0.4 billion.
The largest losses were incurred by Alliance Bank – UAH 163.9 million. It was followed by RVS Bank – UAH 140.8 million, Pravex Bank – UAH 44.9 million, Industrialbank – UAH 26.8 million, and PIN Bank, which was transferred to the state – UAH 14.6 million.
MIB also ended the quarter in the red with a loss of UAH 12.8 million, followed by Ukrainian Capital Bank with UAH 10.2 million, BTA Bank with UAH 5.7 million, UBRR with UAH 3.8 million, and Trust Capital Bank with UAH 2.7 million.
In terms of income tax expenses, PrivatBank remains the leader with UAH 5.3 billion, followed by Raiffeisen Bank with UAH 0.70 billion, Universal Bank (mono) with 0.59 billion, PUMB with 0.51 billion, and Ukrsibbank with 0.45 billion.
In total, banks paid 10.5 billion hryvnia in taxes to the budget in January-March this year.
PrivatBank remains the leader in terms of net interest income with UAH 18.4 billion, followed by Oschadbank with UAH 7.3 billion, Raiffeisen Bank with UAH 4.4 billion, Universal Bank (mono) with UAH 4.4 billion, and PUMB with UAH 3.9 billion.
Ukrsibbank also made it into the top ten with UAH 2.9 billion, Ukrgasbank with UAH 2.6 billion, Ukreximbank with UAH 2.3 billion, OTP Bank with UAH 2.2 billion, and Sens Bank with UAH 1.9 billion.
PrivatBank leads the ranking in terms of net commission income with UAH 6.6 billion. Next are Oschadbank with UAH 1.9 billion, Universal Bank (mono) with UAH 0.75 billion, Raiffeisen Bank with UAH 0.64 billion, and A-Bank with UAH 0.50 billion.
The top ten also includes: PUMB with UAH 0.53 billion, Sens Bank with UAH 0.44 billion, Ukrsibbank with UAH 0.38 billion, Bank Alliance with UAH 0.33 billion, and Ukrgasbank with UAH 0.33 billion.
As reported, Ukrainian banks received UAH 39.96 billion in net profit in the first quarter of 2025, which is only 0.2% more than in the same period of 2024.
Insurance company Knyazha Vienna Insurance Group (Knyazha VIG, Kyiv) collected UAH 876.9 million in insurance payments in January-March 2025, which is 61.35% more than in the same period a year earlier, with net premiums amounting to UAH 453.822 million. (+ 32.17%).
This information was published by the rating agency Standard-Rating, confirming the insurer’s financial stability/credit rating at “uaAA+” for the period in question.
According to the RA website, during the period in question, income from individuals grew by 67.65% to UAH 631.450 million, and from reinsurers by 3.66 times to UAH 2.119 million. The share of individuals in gross premiums was 72.01%, and the share of reinsurers was 0.24%.
Insurance payments sent to reinsurers in the first quarter of 2025 increased by 71.40% compared to the same period in 2024, to UAH 312.435 million. Thus, the share of reinsurance companies in insurance premiums increased by 2.09 percentage points, to 35.63%. to 35.63%.
Insurance payments and reimbursements increased by 36.62% to UAH 297.438 million. The level of payments decreased by 6.14 percentage points to 33.92%.
At the end of the first quarter of 2025, operating profit amounted to UAH 43.579 million, and net profit increased 3.36 times to UAH 60.756 million.
As of April 1, 2025, the assets of IC “Knyazha VIG” increased by 14.12% to UAH 2.487 billion, equity capital by 15.23% to UAH 518.348 million, liabilities showed an increase of 13.83% to UAH 1.969 billion, cash and cash equivalents decreased by 5.24% to UAH 77.270 million.
It is reported that as of April 1, 2025, the insurer made current financial investments in the amount of UAH 1.203 billion, consisting of government bonds (70.49% of the investment portfolio) and deposits in banks with high credit ratings (29.51% of the portfolio).
PJSC “IC ‘Knyazha Vienna Insurance Group’ is part of the Vienna Insurance Group Ukraine, whose main shareholder is Vienna Insurance Group AG Wiener Versicherung Gruppe (Austria). The group also includes PJSC “IC ‘Ukrainian Insurance Group’ – 100%, PJSC ‘IC ’KnyazhaLIFE Vienna Insurance Group” – 97.8%, LLC “USG Consulting” – 50.7%, LLC “VIG Services Ukraine” – 78.7%, LLC “Assistance Company ‘Ukrainian Assistance Service’ – 100%.
The Datagroup-Volia-lifecell Group (DVL) plans to invest UAH 1.5 billion in the development of an energy-efficient GPON internet network over three years, with plans to achieve 60% penetration of the technology in every city undergoing modernization by 2025.
“DVL continues to develop its optical network by introducing GPON throughout Ukraine. We also have ambitious plans in this area: the company plans to invest UAH 1.5 billion in the development of the GPON network over three years… Our goal for GPON by the end of 2025 is to achieve penetration of up to 60% in every city where we are carrying out large-scale modernization,” said Sergey Tereshchuk, technical director of the merged company Datagroup-Volia-lifecell (DVL), in an exclusive interview with the Interfax-Ukraine news agency.
He noted that the pace of construction depends on external factors, including the restoration of infrastructure destroyed by shelling, the organization of backup key network nodes to ensure stable operation, and the ability to hire workers.
By 2025, DVL plans to build a network of connections for 300,000 apartments. Of this volume, as of early May, 100,000 have already been built. Since the start of the project in May 2024, more than 270,000 apartments have been covered by GPON technology (within one year – IF-U).
“We are talking about a large-scale modernization of the network in Lviv, Vinnytsia, Kyiv, Kharkiv, and Dnipro. We are also building additional networks in 26 cities across Ukraine,” said Tereshchuk.
DVL is also connecting base stations to GPON. As part of the pilot project currently being implemented by the company, it plans to reach around 800 sites connected to fiber optics by 2025. Of these, 300 sites have already been connected during the first phase, during which the solution was tested.
“We are connecting GPON and fiber optics that Datagroup has near its base stations. We have a list of sites that need additional capacity to increase speed. These are the first steps in preparation for the introduction of 5G,” said Tereshchuk.
Datagroup-Volia-lifecell, energy-efficient internet, INVESTMENTS
