Business news from Ukraine

Elworthy, major Ukrainian manufacturer of agricultural machinery, ended 2023 with loss of UAH 85 mln

22 March , 2024  

According to preliminary data, a large Ukrainian manufacturer of sowing and tillage machinery Elworthy JSC (formerly Chervona Zirka, Kropivnitsky) has completed 2023 with a loss of UAH 85.85 mln, which is 81.6% more than the same indicator of 2022.

The corresponding information is contained in the agenda of the general meeting of shareholders of the company, scheduled for April 25, published in the disclosure system of the National Commission on Securities and Stock Market (NCSSM).

According to the draft decision of the meeting, the losses are planned to be repaid at the expense of retained earnings of previous years.

According to the Clarity-project resource, the company’s retained earnings amounted to UAH 611.039 million by the beginning of this year.

The meeting also intends, in particular, to re-elect the Supervisory Board.

JSC “Elworthy”, which is part of the group of enterprises “Elworthy Group” of businessman Pavel Shtutman, specializes in the production of seeding and tillage equipment: seeders for sowing grain and row crops, cultivators for continuous and inter-row tillage, disc harrows for resource-saving tillage.

As reported, in January-September 2023, the company has received UAH 59.17 million loss against net profit of UAH 29.3 million for the same period of 2022, with net income falling by 35% to UAH 422.93 million.

According to Clarity-project, net income for the whole of 2023 fell by 34.3% to UAH 490.7m.

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