PrJSC Ingulets Mining and Processing Plant (InGOK, Kryvyi Rih, Dnipro region), a member of Metinvest Group, reduced its net loss by 5 times to UAH 167.235 million in 2023 from UAH 851.259 million in 2022.
According to the decision of the sole shareholder, Metinvest B.V. (Netherlands), which owns 100% of the shares of PJSC “InGOK”, at its meeting on April 30, 2024, the losses for 2023 will be covered by future periods.
Another shareholder’s decision – at the meeting of May 14, 2024 – changed the company’s management structure to a one-tier one with the corresponding amendments to the charter. At the same time, after the registration of the updated charter, the supervisory board was dissolved and a four-member board of directors was created. It includes Metinvest CEO Yuriy Ryzhenkov, Metinvest CFO Yulia Dankova and Metinvest Legal Director Svetlana Romanova as non-executive directors for three years, as well as Igor Tonev as executive director, whose position as CEO is being eliminated.
Earlier, based on the shareholder’s decision of March 23, 2024, Oleksandr Gerasymchuk’s powers as CEO were terminated by agreement of the parties, and Tonev was appointed CEO.
On May 24, 2024, the state registration of the new version of the charter of InGOK took place. On May 25 this year, at a meeting of the Board of Directors of InGOK, Metinvest’s CFO Yulia Dankova was elected Chairman of the Board of Directors for a term from May 25, 2024 to May 24, 2027 inclusive. Igor Tonev was elected Chief Executive Officer with a term of office from May 25, 2024 to April 2, 2025 inclusive. And it was determined that in accordance with clause 7.8 of the charter of InGOK, the chief executive officer in the general activities, organizational structure, staffing and document flow of the company is called the general director.
By the shareholder’s decision of June 13, 2024, at its meeting, the net profit of UAH 1 billion 613.7 million received in January-March of this year is allocated to pay dividends for 2024. At the same time, almost UAH 0.585 of dividends are paid per ordinary share.
The Board of Directors of the company (Minutes No. 2 dated June 14, 2024) decided to establish the date of compiling the list of persons entitled to receive dividends, the procedure and term for their payment. The start date of dividend payment is July 1, 2024, and the end date of dividend payment is December 13, 2024 inclusive.
As reported, InGOK completed 9 months of the year. 2023 with a net loss of UAH 1 billion 316.821 million, while in the same period of 2022 it received a net profit of UAH 113.843 million. The company’s retained earnings as of the end of September 23 amounted to UAH 13 billion 869.051 million.
InGOK ended 2022 with a net loss of UAH 851.259 million, while in 2021 it received UAH 20 billion 446.101 million in net profit. In 2020, InGOK reduced its net profit by 75.3% year-on-year to UAH 1.5 billion.
It was also reported that in April this year, Metinvest introduced a new model for the operation of Kryvyi Rih mining enterprises, uniting mining and processing plants in Kryvyi Rih under a single management. Central, Ingulets and Northern GOKs are managed by a single administrative and management center. For this purpose, a mining department was set up within the group’s operating directorate. The department is headed by Igor Tonev, who has also been appointed as the sole CEO of the three GOKs. Prior to this position, he was the head of Metinvest-SMC, a sales company, since 2019, and has been with Metinvest since 2011.
The company specializes in the extraction and processing of ferruginous quartzite from the Ingulets deposit located in the southern part of the Kryvyi Rih iron ore basin. It produces iron ore concentrate. The company’s production capacity is 14 million tons of iron ore concentrate per year.
Metinvest B.V. (Netherlands) owns 100% of the shares of PrJSC “InGOK”.
The authorized capital of PrJSC “InGOK” is UAH 689.906 million, the share price is UAH 0.25.
InGOK is a part of Metinvest Group, whose major shareholders are System Capital Management (SCM, Donetsk, 71.24%) and Smart Holding Group (23.76%). Metinvest Group’s management company is Metinvest Holding LLC.
