Korosten Chemical Engineering Plant JSC (Khimmash, Zhytomyr region) ended 2024 with a net profit of UAH 4.22 million, which is 2.4 times less than the same figure for 2023 (UAH 10.18 million), according to the information on the agenda of the general shareholders’ meetings for 2023 and 2024.
According to the draft resolutions of the meeting scheduled for April 29, it is planned to allocate 5% of net profit for each year (UAH 0.51 million for 2023 and UAH 0.21 million for 2024, respectively) to the company’s reserve fund, while UAH 9.67 million and UAH 4 million will be used to cover losses of previous years.
The shareholders also plan to approve the company’s financial and economic results for two years, reports of the management bodies, and give preliminary consent to a number of transactions.
Founded in 1949, Khimmash specializes in the manufacture of heat exchangers, condensers, refrigerators and evaporators for the oil refining, petrochemical and chemical industries, air cooling units, refrigeration and cryogenic equipment, and heating boilers.
According to the company’s website, in 2024, the plant increased production by 53.5% and exported almost 50% of its products.
“The main task in 2025 is to maintain and increase the achieved result. We plan to gradually upgrade and modernize industrial equipment and expand production capacity. A significant amount of investment will be directed to increase the construction of solar power plants,” the website says.
According to the company, in the fall of 2024, it launched the second stage of its own solar power plant, and currently has two substations with a total capacity of 420 kW, which allows it to fully provide electricity for the production cycle.
Helios Strategia (Dnipro) was the contractor for the construction of the solar power plant. The plants are currently operating on a backup basis only.
According to the National Securities and Stock Market Commission, as of the third quarter of 2024, more than 98% of the authorized capital of Khimmash JSC belongs to the local Tis-Company LLC, and the ultimate beneficiary, according to the Clarity Project, is entrepreneur Motrona Tyshchenko, who, in particular, is the beneficiary of the Zhytomyrski Lasoshchi Trading House.
In 2024, the Korosten-based Khimmash plant increased its revenue by 17% compared to 2023, to UAH 167 million.
