KYIV. May 3 (Interfax-Ukraine) – PJSC ArcelorMittal Kryvyi Rih (Dnipropetrovsk region) will not pay dividends for 2016 and direct net profit in the amount of UAH 2.704 billion for development of production.
According to a plant press release, this decision was made at an annual general meeting of shareholders on April 27 this year.
The shareholders heard the reports of the company’s executive body for 2016, the supervisory board and the revision commission for 2016, approved the annual report, and made the decision on profit distribution. The shareholders also approved a new wording of the statute, the provisions on a general meeting of shareholders and the supervisory council.
Members of the supervisory board and the revision committee were re-elected for a new term at the meeting.
The plant’s net sales income in 2016 amounted to UAH 52.96 billion, net profit UAH 2.7 billion.
“Based on the results of approval of profit distribution, it was decided to direct profit PJSC ArcelorMittal Kryvyi Rih received in 2016 for production development,” the press release reads.
KYIV. May 3 (Interfax-Ukraine) – On the outcomes of the activities of 2016 as well as of the first quarter of 2017 the country shows a positive trend of gradual economic upturn, and this should be the basis and the key to boost investment in the country and ensure implementation of successful projects in the real economic sector, Ukrainian Prime Minister Volodymyr Groysman has said at a meeting with leaders of the American Chamber of Commerce.
“The most crucial is that we have managed to establish a dialogue, understand each other and discuss questions not from meeting to meeting, but in the process of work. We set tasks and we are trying to tackle them. Ukraine is on the track of economic growth now and this is the movement towards increasing investment,” the press service of the government reported on Friday, citing Groysman.
The prime minister reminded representatives of the business community the government’s core objectives for this year are namely, a pension reform, a land reform, large-scale privatization and sectoral reforms in healthcare and education.
He said that the transformations offered by the government, in particular for land issues, have raised a wide discussion in society, however, a compromise would be found, as well as the process concerning a large-scale privatization will be triggered.
Groysman said that the Ministry of Economic Development and Trade with the assistance of the Secretariat of the Cabinet of Ministers has already elaborated the required package of legislative amendments and soon the process of finding advisors to sell major state-owned assets will be launched.
“We are engaged in the process of establishing of industrial parks, as the government’s target is to replace the economy dependent on raw materials and to boost production in Ukraine. At the same time I understand that in order to achieve that it is important to create favorable conditions,” Groysman said.
He said that the government is committed to continue deregulation and to further implement reform of the State Fiscal Service, inter alia improving tax and customs procedures.
Groysman also recalled that the unified electronic register of VAT refunds, which was launched a month ago, has already enabled business representatives to feel changes in this sector.
The meeting was also attended by Plenipotentiary Ambassador of the United States in Ukraine Marie Yovanovitch.
KYIV. April 29 (Interfax-Ukraine) – Agrarian associations support lifting restrictions on land purchase and sale from 2024, deputy chairman of the Ukrainian Agrarian Council Mykhailo Sokolov said at the Agri Invest Forum 2017.
“The land market should not be launched immediately, there should be an opportunity for both agrarians and the state to prepare for this. The transition period should be five years, the market should be launched from 2024,” he said.
According to the expert, this opinion is shared by the Ukrainian Agrarian Council, the Association of Milk Producers, the Pig Breeders of Ukraine association, the Ukrainian Agrarian Confederation, the Ukrainian Agribusiness Club, the Association of Farmers and Private Landowners of Ukraine and others that unite more than 90% of agricultural producers in Ukraine.
“Before the market launch, data in the state land cadaster and the register of rights to immovable property must be fully included and corrected, a program of preferential lending to farms of up to 100 hectares should be launched, and land to former and incumbent employees of state agricultural enterprises, who did not participate in land sharing, should be allocated,” Sokolov said.
KYIV. April 29 (Interfax-Ukraine) – ED&F Man, one of the world’s largest sugar trading companies, has invested $5 million in the launch of the first stage of an irrigation complex with an area of 1,000 hectares in Bilozerka district of Kherson region.
“The first line of the complex, in which the British company has already invested $5 million, will allow growing sugar beets on 1,000 hectares in a zone of risky farming,” a press release from the company reads.
The company intends by 2020 to restore the irrigation system on a total area of 20,000 hectares in Kherson and Mykolaiv regions, investment will exceed $60 million.
“We focus on a full cycle of production: from seeds to finished products, sugar. Both the company and the Ukrainian economy are interested in a high added value. Through cooperation with local and central authorities that create conditions necessary for us, ED&F Man has more comfortable conditions for work, so we can plan the following investment projects,” Managing Director for Commodities at ED&F Man Jan Kees van der Wild said.
According to Kherson region governor Andriy Hordeyev, the national budget foresees UAH 30 million for improving irrigation in 2017, of which UAH 26 million will be allocated to Kherson region.
During the period of work in Ukraine, ED&F Man has invested more than $150 million in development.
ED&F Man was founded in London in 1783. It is the largest supplier of food, sugar, spices, animal feed, tropical oils, rubber, biofuel and coffee through a network of offices and agencies in more than 50 countries.
KYIV. April 27 (Interfax-Ukraine) – Azerbaijan Caspian Shipping has said that the company could buy or lease railway ferries Heroi Shypky and Heroi Plevny operated by Liski of public joint-stock company Ukrzaliznytsia.
According to a press release of state-run enterprise Chornomorsk maritime merchandise port (Odesa region), the issue was discussed during a trip of a delegation from Azerbaijan to the port and a meeting of Port Director Serhiy Kryzhanivsky with Board Chairman of Azerbaijan Caspian Shipping Rauf Valiyev.
Valiyev said that the government of his country set a task to establish cooperation with Ukraine in relation to the quick implementation of the Trans-Caspian International Transport Route. Today Azerbaijan Caspian Shipping is a link in the Europe-Caucasus-Asia transport corridor.
Representatives of Azerbaijan Caspian Shipping plans will visit the Chornomorsk port in summer 2017.
KYIV. April 29 (Interfax-Ukraine) – The consolidated net profit of PJSC Motor Sich in the first quarter of 2017 according to international financial reporting standards (IFRS) amounted to UAH 1.457 billion, which is 4.8 times more than for the same period in 2016 (UAH 304.67 million), according to the company’s quarterly report.
According to its data, net sales income in January-March this year increased by 63.4%, to UAH 3.431 billion.
Motor Sich specified its gross profit in the first quarter of this year increased by 46.3%, to UAH 1.978 billion, and operating profit was up by 2.9 times, to UAH 1.525 billion.
PJSC Motor Sich is one of the world’s largest manufacturers of engines for aircraft, as well as industrial gas turbine units. It delivers products to more than 100 countries.
