Elworthy JSC, a major Ukrainian manufacturer of sowing and tillage equipment based in Kropyvnytskyi, plans to increase its sales by 25% in 2025 compared to 2024, to UAH 712 million.
These plans are contained in the company’s interim report for 2024. The company also plans to break even.
The report does not contain the company’s financial indicators for the whole of 2024, but according to the data published in it for January-September 2024, the loss decreased by almost 4.8 times compared to the same period in 2023 – to UAH 12.45 million, with a slight increase in revenue – to UAH 424.2 million.
In addition, the interim report states that in the fourth quarter of 2024, revenue amounted to UAH 146.321 million, with an export share of 25.9%. The main export markets are Eastern Europe and Central Asia (Kazakhstan, Kyrgyzstan).
Seeders account for the largest share in sales (153 units for UAH 49.6 million in the fourth quarter), followed by cultivators (72 units for UAH 17.5 million), construction and road machines (4 units for UAH 11.15 million), sprayers (14 units for UAH 8 million), and harrows (36 units for UAH 7.9 million). The company also produced spare parts worth UAH 15.12 million.
Elworthy JSC considers its main competitors in the production of agricultural machinery to be, among others, Ukrainian companies Veles-Agro, Belotserkovmaz, Favorit, Promagroleasing-Ukraine, Remsyntez, Agromash Kalyna, Boguslavska Sihosptekhnika, LKMZ, and Maschio Gaspardo (Italy).
The company has a dealer network of 35 centers located both in Ukraine and abroad. They are authorized as service centers, which allows them to provide maintenance services in addition to selling equipment.
“2024 was an extremely difficult year for Ukraine’s agricultural sector, in particular due to the lack of precipitation in the second half of the year, which led to a decrease in the amount of harvest and an increase in its cost. At the same time, the ability of farmers to make money on this harvest will depend on the world prices at which they will be able to sell their products, which are also subject to uncertainty,” the report says.
In addition, Elworthy pointed to the risk that with a smaller harvest, prices for agricultural products may not rise, agricultural producers will receive less marginal income and will not be able to purchase agricultural machinery.
Elvorti JSC, a part of the Elvorti Group owned by businessman Pavlo Stutman, specializes in the production of sowing and tillage equipment: seeders for sowing grain and row crops, cultivators for continuous and inter-row tillage, and disk harrows for resource-saving tillage.
In recent years, the company has mastered a new type of product – the Elex backhoe loader.
According to the company, in 2023, it suffered an 81.6% year-on-year loss of UAH 85.9 million, with net income falling by 34.3% to UAH 490.7 million.
At the beginning of 2025, the company employed 372 people.
According to preliminary data, a large Ukrainian manufacturer of sowing and tillage machinery Elworthy JSC (formerly Chervona Zirka, Kropivnitsky) has completed 2023 with a loss of UAH 85.85 mln, which is 81.6% more than the same indicator of 2022.
The corresponding information is contained in the agenda of the general meeting of shareholders of the company, scheduled for April 25, published in the disclosure system of the National Commission on Securities and Stock Market (NCSSM).
According to the draft decision of the meeting, the losses are planned to be repaid at the expense of retained earnings of previous years.
According to the Clarity-project resource, the company’s retained earnings amounted to UAH 611.039 million by the beginning of this year.
The meeting also intends, in particular, to re-elect the Supervisory Board.
JSC “Elworthy”, which is part of the group of enterprises “Elworthy Group” of businessman Pavel Shtutman, specializes in the production of seeding and tillage equipment: seeders for sowing grain and row crops, cultivators for continuous and inter-row tillage, disc harrows for resource-saving tillage.
As reported, in January-September 2023, the company has received UAH 59.17 million loss against net profit of UAH 29.3 million for the same period of 2022, with net income falling by 35% to UAH 422.93 million.
According to Clarity-project, net income for the whole of 2023 fell by 34.3% to UAH 490.7m.
