Business news from Ukraine

Kremenchuk Steel increased its net profit by 2.5 times

In 2023, Kremenchuk Steel Plant JSC (Kremenchuk, Poltava region) posted a net profit of UAH 124.13 million, up 2.5 times compared to the same period in 2022.

According to the agenda of the company’s general meeting of shareholders scheduled for April 30, published in the National Securities and Stock Market Commission’s information disclosure system, KCZ plans to leave its profit undistributed and not pay dividends.

According to the Clarity-project resource, at the beginning of this year, the company’s retained earnings amounted to UAH 67.25 million against an outstanding loss of UAH 56.89 million a year earlier.

As reported, KCZ JSC ended 2022 with a net profit of UAH 50.28 million, while a year earlier the loss amounted to UAH 56.83 million.

Kremenchuk Steel is a leading Ukrainian foundry producing steel castings for freight cars and heavy trucks.

The company’s net income, according to Clarity-project, decreased slightly to UAH 1 billion 023 million in 2023.

According to the NSSMC, as of the third quarter of 2023, Defano Investments Ltd (Cyprus) owns 48.4421% of the shares of PJSC KCZ through Ukrinvestcontract LLC, with Artem Gerasymenko from Kyiv listed as the company’s beneficiary.

The shareholders also include FinEuroVector Financial Company LLC (18.8392%), Alfa Cross Financial Company (24.9%), and AltaFinance LLC (5.7276%).

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Ukraine’s national soccer team has defeated Iceland and qualified for Euro 2024

Ukrainian President Volodymyr Zelensky has congratulated the Ukrainian national soccer team on its 2-1 victory against Iceland and qualification for the Euro 2024 Championship.

“Thank you, guys! Thank you, national team! For the most important emotions for the whole country. For the super important victory and exit to the Euro,” Zelensky wrote in Telegram on Wednesday night.

He noted that with this victory the Ukrainian national team “once again proved: when Ukrainians have a hard time, but they do not give up and continue to fight, then Ukrainians are sure to win.”

“In times when they want to destroy us every day, we prove every day: Ukrainians are and will be! Ukraine is and will be! Thank you for the victory!” – summarized the President.

The Ukraine-Iceland game was held in Wroclaw, Poland.

At the beginning of the game Ukraine had an advantage in possession of the ball, but the first half hour of the game ended with a goal by Iceland.

Ukraine restored parity in the 54th minute. Viktor Tsygankov struck the bottom corner of the goal – 1:1. The second goal was scored by Mykhailo Mudryk in the 84th minute.

The other two last two tickets to the final part of Euro 2024 were won by Georgia and Poland in penalty shootouts on Tuesday.

Ukraine will play its first match at the tournament in Munich on June 17 against Romania. The opponents in Group E will also be Slovakia and Belgium, with whom the Ukrainian team will play on June 21 and 26 in Düsseldorf and Stuttgart, respectively.

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Oil prices decline, Brent trades at $85.5 per barrel

Oil prices are falling on Wednesday on the back of data from the American Petroleum Institute (API), which showed a significant increase in US stockpiles.

The cost of May futures for Brent on the London ICE Futures exchange as of 7:10 a.m. was $85.54 per barrel, which is $0.71 (0.82%) lower than at the close of the previous trading. On Tuesday, these contracts fell by $0.5 (0.6%) to $86.25 per barrel.

May futures for WTI in electronic trading on the New York Mercantile Exchange (NYMEX) fell by $0.61 (0.75%) to $81.01 per barrel by this time. As a result of previous trading, the value of these contracts decreased by $0.33 (0.4%) to $81.62 per barrel.

According to API estimates, US oil inventories increased by 9.337 million barrels in the week ended March 22, the highest increase since mid-February 2023.

Oil inventories at the Cushing terminal, where Nymex-traded crude is stored, increased by 2.4 million barrels, API reported.

Official data on energy reserves in the US will be released by the Department of Energy at 16:30 pm.

The oil market continues to monitor the geopolitical situation and awaits news from OPEC+.

The coalition states, which will hold a regular meeting on April 3, are likely to maintain the current production restrictions. According to Bloomberg, citing sources, the OPEC+ countries do not yet see the need to change production volumes.

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OTP BANK is among five leaders of Bank_FinScore

JSC “OTP BANK” has the highest index “A” of financial reliability according to the calculations of the FinScore tool from YouControl for the fourth quarter of 2023. Compared to the third quarter, the Bank has risen one step in the rating, thus taking the fourth place.
The updated research includes 40 Ukrainian banks. The highest index “A” indicates a minimal probability of unfavorable financial consequences.
Bank_FinScore is a scoring index of a bank’s financial reliability calculated by the analytical department of YouControl and based on 25 indicators. Among them are NBU standards and financial ratios that comprehensively reflect the state of liquidity, capital adequacy, profitability, credit, investment and currency risks of the bank.

The financial scoring of Ukrainian banks is available at the following link.

We would like to remind you that JSC OTP BANK entered the TOP-10 banks included in the Index of the best enterprises of Ukraine with impeccable business reputation and the highest revenue for 2023 in the Banking category. In February, the Bank took a leading position in the Bank Viability Rating – 2024, compiled by the business publication Mind.

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Number of applicants per vacancy (comparison)

Number of applicants per vacancy (comparison)

Source: Open4Business.com.ua and experts.news

On eve of Catholic Easter, Ukrainian border guards recommend to monitor queues in front of crossings

Passenger traffic on the border with Poland in both directions has increased by 8 thousand people in recent days due to the approaching Easter holidays, in this regard, the State Border Guard Service of Ukraine reports about queues at checkpoints “Krakivets” and “Shegini” and recommends to use other border crossings.

“For crossing the border by cars and buses travelers most often choose checkpoints “Krakovets” and “Shegini”. Therefore, in front of these checkpoints there is an accumulation of traffic. At the same time, border guards periodically record queues also at the entrance to Ukraine,” – reported in the telegram channel of the State Border Service on Tuesday.

According to the border department, the least dynamics of traffic is observed at the checkpoints “Smolnitsa”, “Grushev”, “Rava-Ruska” and “Ugrini”. “In order to reduce the waiting time in queues we recommend citizens to choose these checkpoints to cross the border,” – stated in the message. This year’s Catholic Easter will be on March 31.

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