Kremenchuk Road Machines Plant (Kredmash JSC, Poltava region) reduced its net sales revenue by 23% in 2024 compared to 2023, to UAH 143.65 million.
According to the company’s annual report published on Tuesday in the disclosure system of the National Securities and Stock Market Commission, the loss decreased by almost 23% to UAH 13.08 million, which is the same as the preliminary data published earlier.
Last year, the plant received UAH 13.3 million in losses from operating activities (16.5% less than in 2023), and gross profit amounted to UAH 17.2 million (-15.7%).
“In the report, Kredmash notes that in 2024 it sold only two asphalt mixing plants, while a year earlier it sold three. The company also sold consumer goods for UAH 58.7 million, spare parts for construction and road equipment for UAH 18.8 million, and wheeled vehicles for UAH 1.12 million.
According to the plant, asphalt and soil mixing plants accounted for 42.7% of total production last year, 14.3% for spare parts, 37.9% for fuel and energy, and 5.1% for other types of production: casting, installation and commissioning.
“In 2024, Kredmash exported products worth UAH 63.6 million (45.1% of sales), mostly to neighboring countries.
Asphalt mixing plants were purchased by Kharkiv-based Nanoexpo+ LLC (for UAH 34.8 million) and Mykolaiv-based ABZ Alliance (UAH 17.7 million), while fuel and lubricants were supplied, in particular, to Asimega (Uzbekistan) for UAH 12.1 million, Baiterek (Kazakhstan) for UAH 39 million; spare parts were supplied to Kredmash Impex LLC (Kazakhstan, Moldova, Georgia) for UAH 7.4 million.
The main suppliers of products are Ukrainian companies. For example, a branch of Metinvest-SMC LLC (Kremenchuk) is a supplier of rolled metal products, Interpipe Ukraine (Dnipro) is a supplier of pipes, Tact LLC (Dnipro) is a supplier of structural steel sections, Camozzi LLC (Kyiv) is a supplier of pneumatic equipment, and Spetsstal Trade LLC (Kropyvnytskyi) is a supplier of ferroalloys.
“Production activities of PrJSC “Kredmash” are related to the implementation of state programs for the construction and operation of roads. At present, the programs have been curtailed, which negatively affected production and sales volumes,” the report states.
This year, the company plans to manufacture new types of road construction equipment, including a bulk material packing plant with a capacity of up to 20 tons per hour and a mixing plant for dry mixes with a capacity of 15 tons per hour.
According to the company, the average number of employees decreased by 31% to 746 people compared to 2023. The average monthly salary at the end of the year amounted to UAH 8.67 thousand.
“The debt on bank loans as of December 31, 2024 is UAH 20 million, there are no wage arrears and no budget arrears,” the report states.
As reported, in 2023, Kredmash reduced its net income by 36% year-on-year to UAH 186.4 million, while reducing its loss by 44% to almost UAH 17 million.
In pre-war 2021, the plant sold products worth UAH 1.2 billion. In June 2022, the plant’s industrial facilities were partially destroyed as a result of an enemy rocket attack on Kremenchuk.
Kremenchuk Plant of Road Machines (Kredmash JSC, Poltava region) ended 2024 with a loss of UAH 13.08 million, down 23% from the same period in 2023.
According to the information on the agenda of the general annual meeting of shareholders of the company on April 18, the shareholders intend to approve the sources of loss coverage, in particular, at the expense of retained earnings of previous years, reserve capital and additional capital (funds for production development).
According to the company, in 2024, the uncovered loss also amounted to UAH 13.08 million, compared to UAH 16.95 million a year earlier.
The company’s current liabilities increased by 36.8% to almost UAH 54 million over the year, while long-term liabilities decreased by 2.2 times to UAH 4.5 million.
JSC “Kredmash” managed to reduce total accounts receivable by 46% to UAH 18.51 million, and assets increased slightly to UAH 515.54 million.
The net loss per ordinary share amounted to UAH 38.27 (UAH 49.6 a year earlier).
“Kredmash specializes in the development and manufacture of asphalt and soil mixing plants, spare parts for construction and road equipment, tank trucks, bitumen trucks, cast iron and steel castings.
According to the NSSMC as of the third quarter of 2024, the major shareholders of the JSC are the Chairman of the Supervisory Board and President Mykola Danyleiko (15.97% of shares), Chairman of the Board Oleksandr Tverezny (over 10.2%), as well as Euroautomation LLC (over 9.6%) and KDM Invest (9.8%).
Another 5% of the shares belonged to the former longtime director of the plant (until the early 2000s), Borys Muntyan, who, according to local press reports, died in November 2024.
According to the company’s financial report, in 2023, it reduced its net income by 36% year-on-year to UAH 186.4 million, while reducing its loss by 44% to almost UAH 17 million.
The company sold only three asphalt and soil mixing plants (average selling price of UAH 21.5 million), as well as consumer goods worth UAH 69.95 million.
In January-September 2024, according to Clarity-project, the company’s net income decreased by 35% compared to the same period in 2023, to UAH 108.2 million.
As reported, in pre-war 2021, the plant sold products worth UAH 1.2 billion. In June 2022, the plant’s industrial facilities were partially destroyed as a result of an enemy rocket attack on Kremenchuk.
JSC Kremenchuk Plant of Road Machines (Kredmash, Poltava region) in January-June increased the production and sales of asphalt and soil mixing units by 21.4% compared to the same period in 2020, to 34 units.
According to a report on the company’s website, in June, the plant shipped products to Vinnytsia, Odesa, as well as for export.
As reported, the growth in production and sales of products at the plant is primarily associated with the road construction program in Ukraine. In particular, in January-June last year, due to the intensification of road construction, the plant produced 28 units, while for the whole of 2019 – 26.
In June of this year, Kredmash also produced spare parts, components and assemblies for UAH 22 million, consumer goods – for UAH 10.4 million.
Kredmash specializes in the development and manufacture of asphalt mixing plants, spare parts for construction and road equipment, tank trucks, bitumen trucks, iron and steel castings, consumer goods (seamers).
In 2020, the plant produced and sold 54 units, net income increased by 12%, to UAH 1.088 billion, net profit tripled – to UAH 69.14 million. Some 61.3% of total sales were exported, and the main competitors at the plant are German-based Ammann, Teltomat, Lintec, Italian-based Mavini, Bernandi, Sim, Czech-based Askom, Finnish-based Amomatik.
