PJSC “Kryukiv Railway Car Building Works” (KRCBW, Poltava region) incurred a loss of UAH 184.5 million in 2025, whereas a year earlier it had reported a net profit of UAH 81.1 million, according to information in the agenda of the company’s annual general meeting of shareholders, scheduled for April 20.
“Based on the results of the company’s financial and operational activities for 2025, the loss amounts to UAH 184,540,916. Taking into account income from the revaluation of actuarial liabilities, as calculated by an independent actuary in the amount of 59.97 million UAH, approve the total loss for 2025 in the amount of 124,569,816 UAH,” the draft resolution of the meeting states.
The loss is planned to be covered by profits from future periods.
As reported, KVSZ allocated the net profit received in 2024 to cover losses from previous years and did not pay dividends.
Last year, KVSZ completed the delivery of 66 passenger cars to Ukrzaliznytsia ahead of schedule, specifically 15 SV-type cars, 31 compartment cars, four inclusive cars, and 16 open-seating cars.
At the same time, the plant noted that against the backdrop of stagnation in the freight car manufacturing market, the results regarding the delivery of such cars were “disappointing.” Specifically, 121 cars were sold in the first quarter of 2025, but thereafter, sales were minimal.
KVBZ manufactures passenger and freight cars, regional diesel trains, high-speed interregional locomotive-hauled trains, spare parts and bogies for freight cars, and escalators.
According to data from the National Securities and Stock Market Commission (NSSMC) as of the fourth quarter of 2025, 25% of the shares in PJSC “KVBZ” were owned by the Estonian companies AS Skinest Finants and Osauhing Delantina, and 20% by Transbuilding Services Limited, registered in England.
Another 25% was owned by OW Capital Management GmbH, controlled by Russian citizen Gamzalov. However, in early 2026, the High Anti-Corruption Court seized this block of shares, with a nominal value of 21.5 million UAH, for the state’s benefit.
In 2024, the plant sold 1,096 freight cars, which is nearly 10% higher than sales in pre-war 2021. The first 15 passenger cars from a contract for 66 units were also delivered to Ukrzaliznytsia. Net profit amounted to 81.08 million UAH, compared to a loss of 143.76 million UAH in 2023.
