Business news from Ukraine

Business news from Ukraine

Energomashpromservice to hold remote shareholders’ meeting on March 20

According to Fixygen, Energomashpromservice PJSC will hold a remote general shareholders’ meeting on March 20, 2026, through the Ukrainian depository system.

The agenda includes consideration of management reports, approval of annual reports and performance results, decisions on profit distribution or loss coverage, as well as organizational issues.

PJSC Energomashpromservice is an industrial company operating in the repair, service, and engineering segment for industry.

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Kovlar Group produces 500–700 tons of fire-retardant materials annually

Kovlar Group LLC maintains a full production cycle in Kyiv and the Kyiv region and produces an average of 500-700 tons of fire-retardant materials per year, depending on the structure of orders, said company director Konstantin Kalafat in an interview with the Interfax-Ukraine news agency.

“All of Kovlar Group’s production facilities are located in Kyiv and the Kyiv region… Annual production averages about 500-700 tons of products,” he said.

According to him, the main share of production is made up of materials for fire protection of steel structures—paints and plaster systems, as wellas solutions for concrete, wood, cable penetrations, and engineering communications, including related coatings and heat-resistant adhesives.

Kovlar Group LLC was founded in 2015 in Kyiv and is the largest manufacturer of passive fire protection products in Ukraine. According to OpenDataBot, the company’s authorized capital is UAH 1.2 million, and its ultimate beneficiaries are Kostyantyn Kalafat (40%), Andriy Ozeychuk (35%), and Lyubov Vakhitova (25%). The company’s revenue for 2024 amounted to UAH 91.3705 million, which is twice as much as in 2023, and its net profit was UAH 13.4 million, which is 1.7 times more than in 2023. In the first quarter of 2025, the company’s revenue amounted to UAH 13.5 million, and net income amounted to UAH 1 million 983 thousand.

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Galnaftogaz to hold remote shareholders’ meeting on March 17

According to Fixygen, JSC Concern Galnaftogaz will hold a remote general meeting of shareholders on March 17, 2026, through the Ukrainian depository system.

The agenda includes, in particular, the approval of annual results and financial statements, review of management reports, decisions on the distribution of profits or coverage of losses, as well as other issues provided for by corporate procedures.

JSC Concern Galnaftogaz is one of Ukraine’s largest fuel groups, developing a network of filling stations under the OKKO brand and related services. The group’s headquarters are located in Lviv.

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Booking names world’s most hospitable cities and regions for 2026

Booking.com has announced the results of its 14th Traveller Review Awards 2026 and published a list of the most hospitable destinations for 2026, based on the proportion of accommodation partners that received an award in a particular city or region.

According to the company, 1.81 million partners in 221 countries and territories will receive the award in 2026, with calculations based on more than 370 million verified traveler reviews.

The top 10 most hospitable cities in the world include: Montepulciano (Italy), Magong (Taiwan), San Martin de los Andes (Argentina), Harrogate (United Kingdom), Fredericksburg (Texas, USA), Pirenopolis (Brazil), Swakopmund (Namibia), Takayama (Japan), Noosa Heads (Australia), and Klaipeda (Lithuania).

The top 10 most hospitable regions, according to Booking.com, are Hidalgo (Mexico), Newfoundland and Labrador (Canada), Navarra (Spain), Idaho (USA), Himachal Pradesh (India), Saxony (Germany), Phang Nga (Thailand), Overijssel (Netherlands), Epirus (Greece), and Chiriqui (Panama).

Booking.com specifies that destinations were ranked according to the share of award-winning accommodations relative to the number of “evaluable” accommodations in a city or region. To make the list, a destination needed to have at least 200 award-winning partners and an “above-average” share of winners, with geographical representation also taken into account.

The Traveller Review Awards winners themselves were determined by the average score of reviews published between December 1, 2022, and November 30, 2025, with the final score calculated on December 1, 2025.

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BBS Insurance collected UAH 842 mln in premiums in 2025, increasing figure by 45%

Insurance company BBS Insurance (formerly Brokbusiness, Kyiv) collected UAH 842.3 million in gross premiums in 2025, which is 44.89% more than in 2024.

These data were provided by RA Expert-Rating in its information on the confirmation of the insurance company’s financial stability rating at the level of “uaAA” on the national scale based on the company’s performance in 2025.

At the same time, the share of insurance premiums payable to reinsurers increased by 30.76%, while their share in the company’s gross premiums decreased by 0.16 p.p. to 1.40%.

In 2025, the company made 65.17% more insurance payments and reimbursements than in 2024, and the level of payments increased by 4.71 p.p. to 38.35%.

According to RA data, the equity capital of IC “BBS Insurance” grew by 33.62% to UAH 213.85 million, while its gross liabilities increased by 30.02% to UAH 379.65 million. The level of coverage of the insurer’s liabilities by equity capital increased by 1.52 percentage points to 56.33%. Cash and cash equivalents increased by 39.23% to UAH 370.58 million, while the ratio of cash to liabilities increased by 6.46 p.p. to 97.61%.

Thus, as of the beginning of 2026, IC “BBS Insurance” was well provided with highly liquid assets, which covered 97.61% of its liabilities.

The RA also notes that at the end of 2025, the company’s net profit increased 3.73 times compared to 2024 and amounted to UAH 54.64 million. Also, at the end of 2025, the insurer received an operating profit of UAH 28.85 million, while at the end of 2024, an operating loss was recorded.

BBS Insurance has been operating in the Ukrainian insurance market for over 30 years and is represented in all regions of the country. It has a license to conduct insurance activities in 18 classes.

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Azerbaijan has suspended transport across state border with Iran

Azerbaijan has suspended transport across the state border with Iran and closed its airspace at the border. Earlier, Azerbaijan accused Iran of launching drone strikes on the territory of the Nakhchivan Autonomous Republic and said it reserved the right to take appropriate measures. The Azerbaijani Foreign Ministry reported that one drone hit the Nakhchivan airport terminal, while another fell near a school building in the village of Shakarabad. Two civilians were injured in the attack, and the airport buildings were damaged.

The Azerbaijani Foreign Ministry demanded that Tehran provide an explanation as soon as possible, conduct an investigation, and take measures to prevent similar incidents from recurring. The Iranian ambassador was summoned to the ministry to receive a note of protest.

Against the backdrop of the incident, regional media and expert commentators are discussing the possibility of invoking the mechanisms provided for in the Shusha Declaration on Alliance Relations between Azerbaijan and Turkey. The document stipulates that in the event of a threat or act of aggression by a third state, the parties shall hold joint consultations and provide each other with the necessary assistance in accordance with the UN Charter.

At the time of publication, there was no official announcement of the start of formal consultations on the Shusha Declaration, but Ankara and Baku maintain constant coordination on regional security issues, including at the level of the foreign ministries.

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