According to the results of 2024, PJSC YUZHKOKS (Kamianske, Dnipro region) increased its net loss by 4.7 times compared to the previous year – up to UAH 272.924 million from UAH 58 million 25.2 thousand.
According to the agenda of the general meeting of shareholders of the company scheduled for April 18, which will be held remotely, it is planned to consider the report of the Board of Directors for 2024 and to adopt a decision based on the results of consideration of the report of the Board of Directors for 2024.
The agenda also includes adopting a decision based on the results of the review of the report of the company’s interim CEO for 2024, reviewing the auditor’s findings, approving the results of financial and economic activities for 2024, and determining the procedure for covering losses.
In addition, the meeting will give preliminary consent to enter into significant transactions.
The draft resolutions, a copy of which is available toInterfax-Ukraine, propose to cover the losses incurred by the company based on the results of its operations in 2024 in the amount of UAH 272 million 924.570 thousand at the expense of the company’s profit for future periods.
As reported, YUZHKOKS ended 2022 with a net loss of UAH 1 billion 206.942 million, while in 2021 it made a net profit of UAH 1 billion 292.672 million.
According to the third quarter of 2024, Dashuria Ltd. (Cyprus) owns 94.9565% of the company’s shares.
The authorized capital of YUZHKOKS PrJSC is UAH 171.918 million, with a share par value of UAH 0.25.
Issue #2 – March 2025
The purpose of this review is to provide an analysis of the current situation on the Ukrainian currency market and a forecast of the hryvnia exchange rate against key currencies based on the latest data. We analyze current conditions, market dynamics, key influencing factors, and likely scenarios.
Analysis of the current situation on the Ukrainian currency market
In the second half of March, Ukraine’s FX market remained relatively stable, showing predictable local fluctuations in the dollar and a more pronounced, albeit predictable, strengthening of the euro. Both developments were primarily driven by external factors, as the domestic FX market remained balanced due to high cash liquidity and active actions by the NBU.
The NBU’s informal signal to banks to raise deposit rates after the key policy rate hike is a classic soft pressure from the NBU, which is trying to keep hryvnia instruments attractive. One by one, banks raised hryvnia rates, confirming that they understood the NBU’s signals, which should potentially reduce demand for foreign currency from the population and encourage at least short- and medium-term savings in hryvnia, easing pressure on the exchange rate.
International factors affecting the market:
Ø The US Federal Reserve has been pursuing a consistent policy of lowering its key policy rate for several months now, clearly implementing a cycle of easing. This reduces the attractiveness of the dollar as an asset for investors and stimulates the flow of capital into alternative currencies and assets.
Ø In contrast, the European Central Bank gave positive signals about the improvement of the economic situation in the eurozone, which pushed the euro to a significant increase.
Ø The global market witnessed a moderate weakening of the US dollar and a strengthening of the euro, which became the main driver of changes in the exchange rates of key currencies in Ukraine.
Internal factors that influenced the foreign exchange market:
Ø Increased supply of cash foreign currency: according to the NBU, in February 2025, banks imported more than $1.08 billion in cash foreign currency to Ukraine, of which $749 million was in US dollars and $330 million in euros. This is a decrease compared to January ($1.77 billion), but remains high historically, ensuring high foreign exchange liquidity and exchange rate stability.
Ø In the dynamics of currency imports by banks, there is a well-established trend of increasing the share of euros in the total volume. From 13% at the beginning of 2024, the share of euros increased to more than 30% in 2025, reflecting the growing demand for euros among households and businesses.
Ø Deviations of cash exchange rates from the official exchange rate remain insignificant, which indicates that the regulator’s currency policy is effectively coordinated with market realities.
Overview of exchange rate dynamics
US dollar exchange rate
Ø In the second half of March, the dollar exchange rate against the hryvnia remained in the range of UAH 41.30-41.80 per dollar.
Ø The lowest value was recorded around March 13, after which the exchange rate gradually recovered.
Ø The spread between the bid and ask rates narrowed to 30-40 kopiykas compared to 50-60 kopiykas in February, indicating high liquidity and stability of the market.
Ø The deviation of market rates from the official NBU exchange rate remained minimal (± UAH 0.3), which is an indicator of the stability of expectations and the NBU’s predictable policy on the foreign exchange market.
Euro exchange rate
USD exchange rate forecast
Ø In the short term (2-4 weeks), the dollar is likely to remain in the range of UAH 41.25-42.00/$. The main factors will be maintaining high cash liquidity, the US Federal Reserve’s restrained policy, and the NBU’s active presence on the interbank market. Narrowing spreads and stable deviations from the official exchange rate give reason to expect low volatility in this market segment.
Ø In the medium term (2-4 months), demand for foreign currency may moderately increase amid higher budget spending, a pickup in business imports, and the seasonal effect of spring asset regrouping. In this case, the dollar could move up to the range of UAH 41.80-42.50/$.
Ø In the longer term (6+ months), a significant depreciation trend may resume with the potential for a shift toward UAH 45.00/$.
This scenario will be influenced by the general inflationary background in Ukraine, fiscal expectations for the exchange rate (budget target is 45 UAH/$), and risks with financing the state’s needs.
Ø However, the global monetary policy factor will remain restraining: if the US Federal Reserve moves to easing, the pressure on the hryvnia will be offset by global stability or even a weakening of the dollar.
Euro exchange rate forecast
In theshort term (2-4 weeks), the euro may consolidate in the range of 44.80-45.70 UAH/€ after the ultra-fast growth recorded in mid-March.
A correction phase or sideways movement is expected, which is typical for markets after a sharp move.
In the medium term (2-4 months), the euro’s dynamics will depend on the ECB’s decisions on interest rates and incentives, the state of the eurozone economy, and global demand for risky assets. In the baseline scenario, the exchange rate may remain in the range of 44.50-46.00 UAH/€. In the event of new positive signals from the EU, a retest of the 46.50 UAH/EUR level is possible.
In the long-term horizon (6+ months), the euro is more stable than the dollar due to structural market expectations, a gradual increase in its role in savings, and its growing role in foreign trade.
The forecast range is 45.00-46.50 UAH/€ with the potential for appreciation in case of sustained macro growth in the euro area.
Recommendations for businesses and investors
1. Diversification remains the basic strategy in a situation where the euro shows increased volatility and the dollar shows signs of structural weakening.
If you have liabilities in euros, it is advisable to gradually increase the share of this currency, but the dollar should be left as a short-term liquidity or hedge instrument.
2. Monthly review of the structure of foreign currency assets is relevant in the context of the NBU’s flexible currency policy, changes in external demand and potential exchange rate dynamics, especially if some assets are denominated in a currency other than the main operating currency.
3. Cautious currency speculation – only if you have the skills. Despite periods of short-term exchange rate volatility, especially in the euro, the current market is more predictable for experienced players, but carries significant risks for beginners.
Speculative strategies are justified only for those who have the resources and time to constantly monitor the market and have access to quick transactions at favorable rates.
4. The hryvnia should be maintained at its functional level. The current situation does not pose a threat of rapid devaluation, but it is not advisable to keep excess hryvnia liquidity. It should be used only to cover short-term expenses and to form reserves for unforeseen events.
5. For the first time in almost a year of currency market reviews, we can recommend considering short-term hryvnia deposits for 1-4 months, a logical tactic for “temporary parking” of free funds without currency risk in the context of banks raising interest rates to ~15% per annum, which are now at least slightly ahead of official inflation. For the same reasons, a short-term “parking” of free hryvnia in government bonds can be considered. Longer-term hryvnia investments are risky given the likely acceleration of inflation and a possible exchange rate shift in the second half of 2025, which is most likely to occur in the fall of this year. Yields on foreign currency deposits remain symbolic and do not cover the risks of liquidity ties.
6. Maximum liquidity is a top priority: in the face of geopolitical and economic turbulence, all foreign currency assets should be available for operational maneuver.
This material was prepared by the company’s analysts and reflects their expert, analytical professional judgment. The information presented in this review is for informational purposes only and cannot be considered as a recommendation for action.
The Company and its analysts make no representations and assume no liability for any consequences arising from the use of this information. All information is provided “as is” without any additional warranties of completeness, obligations of timeliness or updates or additions.
Users of this material should make their own risk assessments and make informed decisions based on their own assessment and analysis of the situation from various available sources that they consider to be sufficiently qualified. We recommend that you consult an independent financial advisor before making any investment decisions.
REFERENCE
KYT Group is an international multi-service product FinTech company that has been successfully operating in the non-banking financial services market for 16 years. One of the company’s flagship activities is currency exchange. KYT Group is one of the largest operators in this segment of the Ukrainian financial market, is among the largest taxpayers, and is one of the industry leaders in terms of asset growth and equity.
More than 90 branches in 16 major cities of Ukraine are located in convenient locations for customers and have modern equipment for the convenience, security and confidentiality of each transaction.
The company’s activities comply with the regulatory requirements of the NBU. KYT Group adheres to EU standards, having a branch in Poland and planning cross-border expansion to European countries.
Lvivmetal PJSC doubled its net profit in 2024 compared to the previous year – up to UAH 451.158 thousand from UAH 224 thousand.
According to the agenda of the general meeting of shareholders of the company scheduled for April 29, which will be held remotely, published in the NSSMC information disclosure system, it is planned to consider the report of the CEO on the results of the Company’s financial and economic activities for 2024 and make a decision based on the results of its consideration.
The agenda also includes consideration of the report of the Supervisory Board of the Company for 2024, approval of the results of financial and economic activities and the annual report of the Company for 2024, approval of the procedure for distributing profits for 2024.
In addition, the meeting will preliminarily give its consent to enter into significant transactions.
The draft resolutions, a copy of which is available at Interfax-Ukraine, propose to allocate the profit for 2024 in the amount of UAH 451,158 thousand for the development of the company.
Lvivmetal started operating in the rolled metal market in 1954. In 2002, the company bought 4 warehouse sections and completed an administrative building in 2006. Currently, it leases non-residential office space and warehouse space on the territory.
According to the third quarter of 2024, individual Oleg Gildin owns 80.6196% of Lvivmetal’s shares.
The company’s authorized capital is UAH 2.279 million, with a par value of UAH 0.25 per share.
The Bio-Lan Industrial Park, which is being built in Ternopil region, will help increase grain processing capacity and stimulate the development of alternative energy sources in the region, said Vyacheslav Nehoda, head of the Ternopil Regional Military Administration.
According to the Ternopil Regional Military Administration’s Facebook post, the functional purpose of the Bio-Lan industrial park is the processing industry – bioethanol and biogas production. The planned real estate objects include office, retail, industrial and warehouse premises; engineering buildings.
“The construction of the main engineering and transport infrastructure of the industrial park (access roads and railways, water supply and sewage networks and facilities, gas supply), an elevator complex and warehouse buildings with an oil transfer station, reconstruction of the administrative building, as well as the construction of the main facilities for bioethanol production and biogas production are currently underway,” the UBA said.
The industrial park is expected to create more than 200 jobs, attract EUR110 million in investments, and provide UAH 7 million in local budget revenues annually.
Four industrial parks are currently registered in Ternopil region. Three more will be established by the end of the year.
In 2024, insurance company PZU Ukraine attracted UAH 2.248 billion in premiums, which is UAH 379 million, or 20%, more than in 2023, according to a press release from the insurer.
According to the company, the largest increase in payments at the end of the year was recorded in the following segments: health insurance – by 37%, or UAH 88 million, MTPL – by 28% (+UAH 138 million), hull insurance increased by 22% (+UAH 80 million), Green Card has an increase of 11% (UAH 54 million), and assistance +10% (UAH 9 million).
The share of MOTPL in the company’s portfolio amounted to 28%, or UAH 637 million of payments, Green Card – 24% (UAH 543 million of insurance premiums), CASCO – 20% (UAH 450 million).
In turn, the share of health insurance in the company’s portfolio amounted to 15%, and the company collected UAH 326 million in payments under these contracts in 2024.
PZU Ukraine’s revenues from other insurance contracts amounted to UAH 291 million, or 13% of total revenues.
In 2024, the total amount of insurance payments amounted to UAH 1.048 billion, which is 49% more than in 2023.
Last year, the company settled insurance claims in the amount of UAH 226 million in the motor hull segment, UAH 327 million in the MTPL segment, UAH 176 million under Green Card contracts, and UAH 235 million in VHI.
In addition, the insurer reports that the financial result before taxation for 2024 amounted to UAH 19 million, according to the auditor’s report.
PZU Ukraine is supported by one of the largest insurance groups in Central and Eastern Europe, PZU Group, which includes the parent company of PZU Ukraine, PZU S.A.
Keramprom PrJSC (Artemivka, Donetsk Oblast), a clay producer in Donetsk Oblast, earned UAH 33 million 457,947 thousand in 2024, up 10.93 times from UAH 3 million 59,435 thousand in 2023.
According to the agenda of the company’s general shareholders’ meeting to be held remotely on April 18, published in the information disclosure system of the National Securities and Stock Market Commission (NSSMC), the shareholders are to consider the CEO’s report on the company’s financial and economic performance in 2024 and make a decision based on the results of its consideration.
The shareholders will also have to consider the auditor’s report for 2024 and approve appropriate measures based on it, as well as approve the results of financial and economic activities for the past year, consider the report of the Supervisory Board for this period and make appropriate decisions.
Among other things, the shareholders will consider the distribution of profits for 2024, re-elect members of the SB, and give preliminary consent to the company’s significant transactions.
The draft resolutions, a copy of which is available to Interfax-Ukraine, propose to amend the resolution of the remote extraordinary general meeting of shareholders held on November 22, 2024, by setting it out in a new wording. In doing so, the shareholders are proposed to choose between two options. In particular, to pay dividends on the company’s ordinary registered shares in the amount of UAH 15 million 1,059 thousand from the company’s retained earnings and approve the amount of dividends per ordinary registered share in the amount of UAH 47.77. Or, part of the company’s retained earnings in the amount of UAH 20 million should be allocated to pay dividends with the approval of the amount of dividends per ordinary registered share in the amount of UAH 63.69.
Keramprom PrJSC (Artemivka, Donetsk region) was established in 1997 and is engaged in clay production. The company’s production capacity is up to 300 thousand tons per year. According to the company’s website, the company is currently developing the Chilne white refractory clay deposit in Kostiantynivskyi district of Donetsk region.
According to the third quarter of 2024, the company’s shares are owned by Valeriy, Ihor, and Borys Bevzenko (49.8708%, 30.2515%, and 8.9999%, respectively), Anatoliy and Larysa Popov (5.1757% each).
The authorized capital of PrJSC “Keramprom” is UAH 25.75 million.
