Ukraine’s largest car-building enterprise, Dneprovagonmash JSC (DVM, Kamianske, Dnipro region), controlled by businessman Sergiy Tigipko’s TAS Financial and Industrial Group, ended the first quarter of 2023 with a net profit of UAH 37.04 million against a loss of UAH 18.07 million in January-March 2022.
According to the company’s interim financial statements published in the National Securities and Stock Market Commission’s (NSSMC) information disclosure system, net sales revenue increased by 32% to UAH 396.92 million.
In January-March, the company increased its gross profit by almost 12 times to UAH 59.47 million, generating UAH 37.82 million in operating profit against a loss of UAH 16.06 million.
Compared to the beginning of this year, DVM reduced current liabilities by 27% to UAH 217.62 million, while long-term liabilities increased by 12.6% to UAH 59.34 million.
The report does not include the number of railcars produced and sold in the reporting period.
“Dneprovagonmash is one of Ukraine’s leading freight car design and manufacturing companies. Its annual production capacity is 9 thousand units.
As reported, DVM’s net income for 2022 increased by 77.3% to UAH 1 billion 108.7 million, with net profit of UAH 48.64 million compared to a loss of UAH 111.3 million a year earlier. At the same time, sales of railcars increased by 35% to 623 units, and production by 21% to 577 units.
TAS Group was founded in 1998 by businessman Tigipko. Its business interests include the financial sector (banking and insurance) and pharmacy, as well as industry, real estate, and venture capital projects.
