In January-September 2024, the State Enterprise “Forests of Ukraine” increased its timber sales to 9.3 cubic meters, which is 6.9% more than in the same period in 2023, the company’s CEO Yuriy Bolokhovets said in a telegram channel.
“Once again, we are convinced of the correctness of the decision to refuse processing. This year, we are no longer maintaining unprofitable workshops and are actively selling resources to the market at prices determined by exchange trading,” he said.
According to Bolokhivets, roundwood was the driver of sales growth, with sales increasing by 562 thousand cubic meters to 4.4 million cubic meters. In monetary terms, roundwood brought in an additional UAH 2.1 billion compared to last year.
At the same time, there were other factors that led to a decrease in revenues, he said. Among them is a drop in prices for industrial firewood, which reduced revenues by about UAH 330 million compared to last year. At the same time, the cost of contractors’ services has increased, and, accordingly, the cost of harvesting (instead of shadow barter, there are now transparent relations based on market prices), explained the CEO of the state enterprise.
“Les Ukrayiny managed to keep its net profit at the level of the previous year – UAH 2.6 billion, as well as a profitability level of more than 15%,” stated Bolokhovets.
At the same time, the state-owned enterprise more than doubled its free timber supplies to the Armed Forces of Ukraine to UAH 305 million. Due to the refusal to process wood, Forests of Ukraine received additional resources to help the frontline, increased salaries for lower-level employees, increased investments in fixed assets and the formation of the procurement services market, the head of the state enterprise added.
“Throughout the year, the average price of timber has been slowly but steadily declining. However, I hope that by the end of four quarters we will surpass last year’s economic performance. The transformation process will help the company become stronger and we will have a solid foundation for growth in the coming years,” summarized the CEO of Forests of Ukraine.
As reported, Ukraine launched a forestry reform in 2016. As part of it, the sale of raw wood at electronic auctions has already been introduced. Since 2021, an interactive map of wood processing facilities has been operating in a test mode in a number of regions.
The industry has implemented the Forest in a Smartphone project, which contains a list of logging tickets for timber harvesting and allows you to check the legality of logging on the agency’s online map.
On June 1, 2023, Ukraine launched a pilot of electronic issuance of logging tickets and certificates of origin of timber. In addition, the State Enterprise “Forests of Ukraine” has launched a pilot project to procure timber harvesting services through the electronic platform Prozorro.
Ukrainian metallurgical enterprises increased production of rolled steel in January-September this year, according to preliminary data, by 22.7% year-on-year, to 4.821 million tons from 3.929 million tons.
According to Ukrmetallurgprom on Tuesday, steel production during the period increased by 28.2% to 5.884 million tons, and pig iron production by 21.9% to 5.356 million tons.
In September, the company produced 503.9 thousand tons of rolled products, 610 thousand tons of steel, and 624.1 thousand tons of pig iron, compared to 589.3 thousand tons of rolled products, 690.7 thousand tons of steel, and 643.6 thousand tons of pig iron in the previous month.
As reported, in 2023, Ukraine increased production of total rolled products by 0.4% compared to 2022 – up to 5.372 million tons, but reduced steel production by 0.6% to 6.228 million tons, and pig iron by 6.1% to 6.003 million tons.
In 2022, Ukraine reduced production of total rolled products by 72% compared to 2021, to 5.350 million tons, steel by 70.7% to 6.263 million tons, and pig iron by 69.8% to 6.391 million tons.
In 2021, the company produced 21.165 million tons of pig iron (103.6% compared to 2020), 21.366 million tons of steel (103.6%), and 19.079 million tons of rolled products (103.5%).
The insurance company “European Travel Insurance” (ETS, Kiev) will allocate UAH 95 million of retained earnings received for 2015-2021 (except 2019) for the payment of dividends. As the company reported in the information base of the NCSSM, such a decision was made at the general meeting of shareholders on September 30, 2024.
Thus, for the payment of dividends will be directed 3.895 million UAH of retained earnings of the company received for 2015, 7.655 million UAH – for 2016, 15.473 million UAH – for 2017, 16.1 million UAH – for 2018, 14.7 million UAH – for 2020 and 37.2 million UAH – for 2021.
Part of the profit for 2021, which is not directed to the payment of dividends according to this decision and is not directed to increase the authorized capital according to the minutes of the general meeting on April 27, 2023, will remain undistributed.
The message also specifies that dividends will be paid directly to shareholders from September 30, 2024 to March 30, 2025.
As reported, IC “European Travel Insurance” was founded in 2006. It occupies one of the leading positions in the travel insurance market of Ukraine. The company is a part of non-banking financial group “Euroinsurance Group”.
In 2023 it collected insurance premiums in the amount of UAH 151,2 mln, which is almost the same as a year earlier, having finished 2023 with net profit in the amount of UAH 12,937 mln.
According to preliminary estimates by the National Bank of Ukraine (NBU), Ukraine’s international reserves decreased by 8.1%, or $3.44 billion, to $38 billion 898.6 million in September.
“This dynamics is due to the NBU’s foreign exchange interventions to cover the structural deficit of foreign currency in the market and smooth out exchange rate fluctuations, as well as the country’s debt payments in foreign currency,” the central bank said on its website on Monday.
In September, the NBU’s net international reserves (NIR) decreased by $2.8 billion, or 9.9%, to $25 billion 544 million, which is lower than the quantitative performance criterion (QPC) in the updated EFF program of the International Monetary Fund (IMF), according to which Ukraine’s NIR should have been at least $28.8 billion at the end of September this year.
However, by the end of the year, this figure is expected to be at least $26.3 billion.
The NBU noted that foreign exchange interventions on the interbank market and debt payments were partially offset by proceeds from the placement of foreign currency domestic government bonds (DGBs), as well as international aid, the amount of which in September, according to the NBU, was one of the smallest since the beginning of this year.
“This once again demonstrated the irregularity of aid from international partners, which is typical for this year,” the central bank emphasized.
According to the published information, the National Bank sold $3 billion 213.8 million in the foreign exchange market and bought $0.6 million in reserves, while the NBU’s net sale of foreign currency in September increased to $3.21 billion from $2.68 billion.
It is noted that the government’s foreign currency accounts at the National Bank received $674.7 million, of which $603.6 million came from the placement of foreign currency government bonds, $60 million through the World Bank and $11.1 million from the Council of Europe Development Bank.
The government paid $552.4 million for servicing and repayment of the public debt in foreign currency, including $456.3 million for servicing and repayment of foreign currency domestic government bonds, $52.1 million for servicing and repayment of the debt to the World Bank, and $44 million for repayment to other international creditors.
In addition, Ukraine paid $729.8 million to the International Monetary Fund.
“In September, due to revaluation, the value of financial instruments increased by $381.8 million. The current volume of international reserves provides financing for 5.0 months of future imports,” the regulator stated in a statement.
Polish farmers have announced a possible protest action in the form of blocking the movement of trucks in front of the Medyka-Shehyni checkpoint from October 8 to December 31, 2024.
Currently, vehicle clearance is carried out as usual.
In the event of a strike, please follow the advice and news from the State Customs Service of Ukraine.
On October 2, shareholders of the insurance company Busin (Kyiv) decided to change the size of previously approved dividends for 2023 to UAH 12.043 million from UAH 15.999 million. The company announced this in the information disclosure system of the National Commission on Securities and Stock Market (NCSSM).
Dividends will be paid directly to shareholders with the calculation of UAH 49.36 per share.
As reported, the shareholders of IC Busin at the meeting on May 3, 2024 approved the profit of 55.218 million UAH for 2023 and the decision to direct to the payment of dividends of 15.999 million UAH, and 39.219 million UAH to remain undistributed.
Earlier, the company’s shareholders allocated UAH 13.6 million for dividend payments in 2022, UAH 11.4 million in 2021, and UAH 16 million in 2020.
According to the data of NCSSM as of the second quarter of 2024, the shareholders of the insurer are Larisa Nepochatova and Alexey Ovchinnikov (25% each), Alexander Nepochatov (24,99%), Denis Ovchinnikov and Ivan Ovchinnikov (12,495% each),
IC Busin was registered in February 1993. It specializes on risk types of insurance. It is a member of a number of professional and industry associations: League of Insurance Organizations of Ukraine, National Club of Insurance Payouts, International Association of Aviation Insurers (UA), Nuclear Insurance Pool, American Chamber in Ukraine, British Business Club.
