Poltava Mining and Processing Plant (PGOK, Ferrexpo Poltava Mining, Horishni Plavni, Poltava region), the main asset of Ferrexpo Group, majority owned by businessman Konstantin Zhevago, ended 2023 with a net loss of UAH 5 billion 444.659 million, compared to UAH 9 billion 134.166 million in the previous year.
According to the company’s annual report, which is available to Interfax-Ukraine, the pre-tax loss in 2023 amounted to UAH 5 billion 254.935 million (UAH 7 billion 825.999 million).
During this period, the company reduced its net income by 33.1% to UAH 15 billion 65.640 million.
Retained earnings by the end of 2023 amounted to UAH 20 billion 717.117 million.
Ferrexpo is an iron ore company with assets in Ukraine.
According to the first quarter of 2024, Ferrexpo AG (Switzerland) owns 100% of Poltava Mining.
The authorized capital of Poltava Mining is UAH 1 billion 902.36 million.
Ferrexpo owns a 100% stake in Yeristovo Mining, 99.9% in Bilanivsky Mining and 100% in Poltava Mining.
Ukraine’s gross domestic product (GDP) growth rate slowed to 3.5% in May from 4.2% in April and 4.8% in March as a result of significant damage to electricity generation by Russian attacks, the Institute for Economic Research and Policy Consulting (IEPC) said in its Monthly Economic Monitor.
“Due to the damage to electricity generation, restrictions on business electricity supply have been applied. The IED estimates that the growth rate in the processing industry has slowed to 5% from 11%. At the same time, easier logistics supported the sector’s growth. We are talking, in particular, about machine building and metallurgy,” the IED noted.
According to the institute’s estimates, real gross value added (GVA) growth in the extractive industry increased by 2% due to fairly stable production of gas, iron ore, as well as construction materials.
Real GVA in transportation rose by almost 15%, up from 11% in April, in part due to the unblocking of western borders as well as the statistical base effect.
“In contrast to the weak performance of the “grain corridor” in 2023, the Ukrainian Maritime Corridor allows us to maintain high exports through seaports. At the same time, not only grain, but also iron ore and metallurgy products are brought in,” the IEI stated.
In May, as in the previous three months, consumer inflation was slightly above 3% (3.3%). The IEI believes that this reflected a good harvest last year (and for some products this year) and low export prices for Ukrainian agricultural products compared to last year, lower logistics costs for imports and significant competition for consumer demand.
According to the IEI, this has so far compensated for the increase in a number of business expenses due to rising wages, rising fuel and electricity costs, and the weakening of the hryvnia against the dollar.
It is expected that the balance between the factors restraining price growth and growth of suppliers’ and retailers’ expenses may change in the next months and lead to acceleration of inflation.
At the same time, moderate inflation expectations and relatively limited demand will further restrain price growth, so sharp price increases for most goods are not expected. The exception was the government’s increase in electricity tariff, which led to an increase in the consumer price index by more than 1%.
Monthly inflation accelerated to 0.6% in May due to a 10% rise in fruit prices. At the same time, egg prices continued to fall: they fell in price by 14% and almost halved compared to December last year. Prices for other goods rose by an average of 0.3%.
As reported, after Ukraine’s GDP growth of 5.3% in 2023, the National Bank expects it to slow down to 3% in 2024, while the government expects it to slow down to 4.6%. According to the Ministry of Economy, GDP growth for January-April this year amounted to 4.4%, while the NBU estimated it at 3.7%.
Earlier, the analytical center Experts Club and Maxim Urakin released a video analysis of how the GDP of the world’s countries has changed in recent years, more detailed video analysis is available here – https://youtu.be/w5fF_GYyrIc?si=BsZmIUERHSBJrO_3.
Subscribe to Experts Club YouTube channel here – https://www.youtube.com/@ExpertsClub
Deputy Foreign Minister of Ukraine Iryna Borovets received copies of credentials from the newly appointed Ambassador of the United Mexican States to Ukraine, Audencio Contreras Gonzalez.
According to the press service of the Ministry of Foreign Affairs of Ukraine, the parties discussed issues of strengthening and intensifying bilateral relations, primarily in the political and economic spheres.
Borovets expressed gratitude for Mexico’s participation in the Global Peace Summit, which confirms the country’s commitment to the principles of the UN Charter. She emphasized the importance of joint efforts to establish a just and sustainable peace in Ukraine.
“The diplomats also exchanged views on Ukraine’s cooperation with Latin American and Caribbean countries and opportunities for further development of bilateral relations,” the statement said.
The European People’s Party is considering electing a representative of the Socialist group to the presidency of the European Council for the first 2.5 years in exchange for their support of the EPP candidate for the next 2.5 years.
The final decision will not be made until next week, according to Politico. The EPP’s proposal was confirmed by Croatian Prime Minister Andrej Plenkovic. According to him, the European People’s Party seeks to retain one more position for the center-right political forces, in addition to the post of president of the European Commission, the Croatian edition of Jutarnji list quoted Plenkovic as saying.
According to Plenković, former Portuguese Prime Minister António Costa has the highest chances of becoming president of the European Council for the first 2.5 years.
He also noted that he is not interested in being elected to any positions in the EU’s governing bodies. “I am the Prime Minister of Croatia with a lot of experience, who wants to stay in office for a third term,” Andrej Plenkovic said, according to Jutarnji list.
The European Council is the highest political body of the European Union. The European Council consists of the heads of state and government of the EU member states, the President of the Council and the President of the European Commission. The term of office of the President of the European Council is 2.5 years.
Geographical structure of Ukraine’s foreign trade (imports) in Jan-Feb 2024, ths. USD
Source: Open4Business.com.ua and experts.news
The direct losses of the Ukrainian agricultural sector in the two years since the beginning of Russia’s large-scale invasion have exceeded $10 billion, so it is necessary to accelerate the pace of its recovery to ensure domestic and global food security, said Taras Vysotsky, Acting Minister of Agrarian Policy and Food of Ukraine, at the Forum for the Future of Agriculture.
He reminded that Ukraine is one of the world’s leading exporters of grains and oilseeds, and the restoration of the agricultural sector will ensure the stability of global food markets.
“Ukrainian farmers have suffered significant losses due to Russian aggression. From the destruction of agricultural machinery totaling $5.8 billion to the loss and destruction of livestock farms worth more than $250 million. And international food prices rose by about 35% in 2022. Only after new export routes were established did the situation stabilize. Therefore, support is needed to restore the Ukrainian agricultural sector,” the press service of the Ministry of Agrarian Policy quoted him as saying.
The acting minister emphasized the need for long-term projects to support the Ukrainian agricultural sector. One of them is the Ukraine Facility, a financial support program for Ukraine from the European Union.
Vysotskyi emphasized that increasing the production of value-added products is a contribution to the energy security of Ukraine and the European Union. According to him, Ukraine has the potential to produce enough bioethanol and biomethane from various types of agricultural waste.
He also pointed out the need to introduce preferential insurance for agricultural producers.
