Business news from Ukraine

Slavgorod Reinforcement Plant increased net profit to UAH 19 mln in 2023

24 February , 2024  

Slavgorod Reinforcement Plant (SARP, Dnipro region) ended 2023 with a net profit of UAH 18.93 million, up more than four times year-on-year in 2022.

According to the announcement of the general meeting of shareholders of SAZ to be held on March 22, the issue of profit distribution is on the agenda.

The draft resolution of the meeting on this issue provides for the profit to be left at the disposal of the company “to be used for statutory purposes”. There are no plans to accrue or pay dividends.

According to the information prior to the announcement, as of the beginning of 2024, the company’s retained earnings amounted to UAH 20.35 million (UAH 1.42 million a year earlier).

During the year, SAS managed to reduce its current liabilities by 2.1 times to UAH 25.89 million, and no long-term liabilities appeared. The value of the company’s assets decreased by 16.8% to UAH 46.83 million, in particular due to a 46% decrease in total receivables to UAH 7.1 million.

The agenda of the meeting also includes the report of the supervisory board, approval of the results of financial and economic activities, approval of the report of the audit company AF Financier, and amendments to the charter.

According to the NSSMC, as of the third quarter of 2023, Promarmatura PrJSC (Dnipro) owns 53.5661% of SAZ PrJSC, and Interbranch Assembly Base Generalmashkontrakt PrJSC owns 22.0307%.

Promarmatura JSC, which specializes in the production of hydraulic and pneumatic equipment, is owned by its director and chairman of the supervisory board of SAZ, Ihor Mezhebovsky, and Oleksandr Chelyadin (50% each). In 2022, the company generated UAH 155 million in net income.

The authorized capital of SAZ PJSC is UAH 0.045 million, the nominal value of a share is UAH 0.25.

According to the website, at the meeting on December 15, 2023, the shareholders decided to increase the authorized capital of SAZ JSC by UAH 1.375 million through the placement of additional shares (without a public offer).

Slavgorod Valve Plant was founded in 1926 as a cast-iron valve manufacturing company. Today, it specializes in manufacturing steel pipeline equipment (shut-off, control, and condensate traps) and completing it with flanges. It also produces fixtures for securing mine workings in coal mines, forging and stamping for parts of automotive and agricultural machinery.

According to the company’s 2022 financial statements, its net profit amounted to UAH 4.59 million, compared to a loss of UAH 0.58 million a year earlier, with net income growing by 15% to UAH 35.13 million.