Pivdenkabel Plant JSC (Kyiv), a major Ukrainian cable manufacturer, ended 2023 with a net profit of UAH 87.65 million, down 38% from the same period in 2023, according to the information on the agenda of the company’s annual shareholders meeting on April 25.
According to the draft decision of the meeting on the distribution of last year’s profit, the company plans to pay dividends at the rate of 35% of the nominal value of a registered ordinary share (nominal value UAH 2) and UAH 2 per preferred share.
The authorized capital of Pivdenkabel Plant JSC is UAH 83.154 million, divided into 41 million 359 thousand 032 ordinary shares (99.5% of the capital stock) and 417 thousand 840 preferred shares (0.5% of the capital stock) with a par value of UAH 2.
Thus, it is planned to pay UAH 28.951 million in dividends on ordinary shares and UAH 0.84 million on preference shares.
The rest of the profit is planned to be retained.
According to the company, as of the beginning of 2024, its retained earnings amounted to UAH 910.55 million.
Over the past year, the plant managed to reduce its current liabilities by 5% to UAH 385 million, while long-term liabilities increased slightly to UAH 3.6 million.
The value of Pivdenkabel Plant’s assets increased by 2.3% to UAH 1 billion 886 million, including total receivables down 9.7% to UAH 147.5 million, cash down 14.6% to UAH 186.2 million, and inventories up 16% to UAH 882.9 million.
At the meeting, the shareholders plan to re-elect Volodymyr Zolotaryov as chairman of the board (CEO) for a new five-year term and to approve a seven-member board for the same term.
Pivdenkabel was founded in 1943 and offers more than 25,000 marks and sizes of products. It supplies cable products to nuclear and thermal power plants, industrial enterprises, mining and processing plants, oil fields and coal mines, subways, railways and public transport.
The company exports its products, among others, to Azerbaijan, Georgia, the Baltic States, Bulgaria, Germany, Norway, Poland, Portugal, France, Finland, and Israel.
The plant notes on its website that last year, among other things, it commissioned a 73.5 kW solar power plant, a solid fuel boiler, and a torsion machine.
According to the National Securities and Stock Market Commission (NSSMC), as of the third quarter of 2023, Cyprus-based Cable Industrial owns about 13.06% of the shares of the JSC, Pivdenkabelinvest-plus LLC owns more than 15.83%, Pivdenkabelprokat and Pivdenkabelinvest own 14.1% each. Another 9.85% is owned by Volodymyr Zolotaryov, Chairman of the Board, and 8.136% by Volodymyr Zolotaryov Jr.
The company’s beneficiaries, according to YouControl, are Volodymyr Mykhailovych and Volodymyr Volodymyrovych Zolotaryov.
According to the Clarity-project resource, in 2023, the company’s net income increased by almost 22% compared to 2022, to UAH 1 billion 968.4 million.
