State-owned Ukrgasbank (Kyiv) in January-March 2018 saw UAH 54.201 million of net profit (a 2.52-fold rise year-over-year). According to a financial report posted on the bank’s website, net interest bearing income grew 1.8-fold, to UAH 770.067 million. Net interest bearing income after the write-back of part of reserves came to UAH 854.876 million (a 2.6-fold rise year-over-year).
Net commission income grew by 32%, to UAH 149.453 million.
The bank saw UAH 241.281 million of loss from transactions with foreign currencies compared with UAH 6.443 million of profit a year ago.
Total non-interest loss accounted for UAH 5.098 million in January-March 2018, while in Q1 2017 profit of UAH 198.343 million was seen.
Assets grew by 7.4%, to UAH 74.318 billion. The loan portfolio narrowed by 8%, to UAH 30.944 billion. The volume of short-term securities significantly grew – by 42.1%, to UAH 29.233 billion.
The deposit portfolio expanded by 8.3%, to UAH 65.7 billion.
Ukrgasbank was founded in 1993. As of January 1, 2017, the state represented by the Finance Ministry owned 94.9% of its shares.
According to the National Bank of Ukraine (NBU), as of January 1, 2018, Ukrgasbank ranked fourth (UAH 69.274 billion) in terms of assets among the 84 banks operating in the country.
The shareholders of INGO Ukraine insurance company (Kyiv) at a meeting on April 26 made a decision to pay dividends in the amount of UAH 26.148 million, according to the official information of the insurer. Money is paid directly to non-resident shareholders in U.S. dollars at the NBU rate on the day of payment, to residents in the national currency. Payment is made in the amount of UAH 85.58 per share.
INGO Ukraine has more than 20 years of experience in the market. It has 28 licenses for various types of compulsory and voluntary insurance, provides insurance services to corporate and retail customers. The INGO Ukraine team is more than 500 employees in 25 branches operating in all regions of Ukraine.
The IBI-Rating agency confirmed the company’s long-term credit rating at the level of uaAA for 2017, the forecast is “stable” on the national scale.
The main shareholder of the company since 2017 has been the Ukrainian business group DevelopmentConstruction Holding (DCH) with a 99.99% share.
The government committee has approved a list of large-scale privatization enterprises for 2018, which included 26 companies, including five regional energy companies, Centrenergo, Odesa Port-Side Chemical Plant, Turboatom, Zaporizhia Titanium and Magnesium Combine, United Mining-Chemical Company, Sumykhimprom, Acting Head of the State Property Fund (SPF) Vitaliy Trubarov has said.
He said 18 facilities are already managed by the fund, including Ternopiloblenergo, Zaporizhiaoblenergo, Kharkivoblenergo, Mykolaivoblenergo and Khmelnytskoblenergo, Kherson thermal power plant (TPP), Dniprovska TPP, Kryvy Rih TPP and Severodonetsk TPP, Azovmash, Turboatom, Zaporizhia Titanium and Magnesium Combine, Oriana, Aluminum Foil Plant, President-Hotel, Centrenergo, Odesa Port-Side Chemical Plant, and Sumykhimprom.
Trubarov said three enterprises are managed by the Ministry of Economic Development and Trade, including United Mining-Chemical Company, Electrotyazhmash and Dniprovsky Electric Locomotive Plant. Two more objects are managed by the Ministry of Agrarian Policy and Food: the Agrarian Fund and the State Food and Grain Corporation of Ukraine. Each of the Ministry of Energy and Coal Industry, the Cabinet of Ministers and the Ministry of Health manage one enterprise: Krasnolymanska coal company, Ukragroleasing, and Indar respectively.
National energy company Ukrenergo on May 18, 2018 is to discuss the plan for developing the power transmission system for 2019-2028 in public, the company’s press service has reported. The draft plan has been posted on the website of Ukrenergo. The document contains a list of security measures for supplies of electricity, the list of facilities of the transmission system which should be built and reconstructed in coming 10 years, data on the projects to modernize the power transmission system being implemented or approved for the implementation.
Ukrenergo operates trunk and interstate power grids, as well as performs the centralized dispatching of the united energy system in the country. The company is a state-owned enterprise, it is subordinate to the Ministry of Energy and Coal Industry, but by the end of 2018 the company is to be reorganized into a private joint-stock company.
The International Finance Corporation (IFC) could provide a long-term corporate loan of $17 million to the largest tomato paste and industrial tomato producer in Ukraine, the Agrofusion Group. According to a posting on the website of IFC, the funds are provided to finance the company’s 2018-2019 expansion and debt refinancing program.
The total cost of the project is $30 million. The project is pending approval.
IFC said that this will be the third project with Agrofusion. Agrofusion Group, founded in 2007, belongs to businessman Serhiy Sypko. Agrofusion includes three tomato paste production plants with the processing capacity of about 7500,000 tonnes of tomatoes per season, as well as farms in Kherson and Mykolaiv regions, processing 25,000 hectares of irrigated land, and two greenhouse farms.
Milkiland, a dairy group with assets in Ukraine, Russia and Poland, saw EUR 7.35 million of net loss in 2017, which is 81.1% less than in 2016. According to a company report on the website of the Warsaw Stock Exchange (WSE), revenue last year fell by 4.35, to EUR 140.41 million. Gross profit grew by 12.2%, to EUR 23.69 million. Operating profit stood at EUR 0.59 million compared with EUR 5.5 million of operating loss in 2016.
Earnings before interest, taxes, depreciation and amortization (EBITDA) grew 1.9-fold, to EUR 10.28 million, net debt reached EUR 85.14 million at the end of 2017 compared with EUR 101.24 million in 2016. The net debt/EBITDA ratio fell from 18.6 to 8.28. Total assets decreased by 4.8%, to EUR 160.42 million.
Russia is the largest market for Milkiland contributing about 62% to the group’s total consolidated revenue in 2017. Sales in Ukraine account for about 27% of the group’s revenue and include all range of dairy products. Poland secured 8% of the group’s total revenue in 2017, while other countries account for 3%.
At the same time, revenue in the segment of whole milk products declined by 10.2% year-on-year to EUR 73.25 million compared to 2016 (52%); cheese and butter – by 9.5%, to EUR 42.25 million (30%); in the segment of dried milk and other products, revenue increased by 34.5%, to EUR 24.92 million (18%).
Milkiland in 2017 began shipping to several new markets, in particular to Israel, China, Denmark and the Netherlands. In 2017, the group invested EUR 2.8 million to support assets in Ukraine, Russia and Poland. In 2018, Milkiland intends to invest up to EUR2 million in servicing its assets and introducing new products in key group markets. “Despite some positive steps to better results and margins, in 2017 the group did not achieve a task of restoring the profitability of its business. The current year is expected to be crucial for reaching a break-even point for generation of the new value of the business. The Group’s management is going to achieve this by continuing a policy aimed at strengthening of the market positions of Milkiland in the countries of its operations, as well as on searching for new, and advancing at the existed export markets,” the company said.
