TAS Dniprovagonmash LLC (DVM, Kamianske, Dnipropetrovsk region), controlled by the TAS financial and industrial group of businessman Serhiy Tihipko, ended January-September 2025 with a loss of UAH 23.7 million, while for the same period in 2024, net profit amounted to UAH 53.9 million.
According to the company’s published interim financial statements, the company’s net income increased by 16.3% to UAH 1 billion 486.5 million.
The company reduced its gross profit by 32.6% to UAH 92.3 million, incurring a loss of UAH 13.7 million from operating activities, compared to a profit of UAH 67.6 million in January-September 2024.
As reported, in the first half of this year, the company incurred a loss of UAH 39.6 million (a year earlier, it had a net profit of UAH 18.8 million) due to a 29.5% decrease in revenue to UAH 561.2 million.
Thus, TAS Dniprovagonmash ended the third quarter of this year with a net profit of almost UAH 16 million, which is 54.4% less than in the same period last year, while net revenue increased by 92.2% to UAH 925.2 million.
The plant notes that in the third quarter, exports accounted for 38.4% of sales, with rolling stock supplied to Lithuania and Croatia.
According to the report, in the third quarter of this year, the plant produced 159 freight cars (compared to 139 in the same period of 2024), with an average selling price of UAH 2,530,900 (compared to UAH 2,782,800 in the second quarter).
The company does not provide the total number of cars produced in nine months, but based on quarterly data, 542 cars were produced, which is 19% more than in the same period last year (456 cars).
TAS Dniprovagonmash’s share in the total production of freight cars in Ukraine in July-September was 90% (in the first quarter – 25.8%, in the second – 46%), and its main competitors remain the Kryukiv Railway Car Building Works (which did not produce freight cars in the third quarter), the Karpaty Research and Mechanical Plant, and Ukrzaliznytsia enterprises.
The plant’s production capacity was utilized at 25% in the second quarter, and its equipment at 29%.
As of the beginning of October this year, the company employed 708 people.
As reported, TAS Dniprovagonmash, which has the capacity to produce 9,000 railcars per year, increased its sales of freight railcars by 63.7% in 2024 compared to 2023, to 606 units, and production by 59.2%, to 602 units.
Last year, the plant increased its net profit by 31.6% to UAH 62.3 million and its net income by 61.8% to UAH 1 billion 743.7 million.
The TAS Group is one of the largest financial and industrial groups in Ukraine, operating in the banking sector, insurance, railcar manufacturing, metallurgy, logistics, agriculture, food industry, packaging materials production, and real estate.
PrJSC Pokrovsky Mining and Processing Plant (PGZK, formerly Ordzhonikidze Mining and Processing Plant, Dnipropetrovsk region) reduced its net loss by 60% in January-September of this year compared to the same period last year — to UAH 218.489 million from UAH 545.746 million.
According to PGZK’s interim report for the first nine months of 2025, net income for this period increased by 6.1% to UAH 629.485 million. The uncovered loss at the end of September 2025 amounted to UAH 203.480 million.
As reported, in January-June of this year, PGZK reduced its net loss by 65.2% compared to the same period last year, to UAH 149.069 million from UAH 428.350 million, while net income for this period increased by 41.3% to UAH 479.767 million from UAH 339.617 million.
Based on its performance in 2023, PGZK increased its net loss 13 times compared to 2022, to UAH 624 million 48,108 thousand from UAH 47 million 932,515 thousand.
PGZK and Marganetsky GZK (MGZK, both in Dnipropetrovsk region), which are part of the Privat group, stopped mining and processing raw manganese ore in late October – early November 2023. In 2024, the plant was unable to resume operations due to a decline in demand for ferroalloys and a shortage of electricity.
In the first half of 2025, PGZK mined and enriched 22.87 thousand tons of manganese ore.
Four Cypriot companies — Profetis Enterprises Limited, Exseed Investmens Limited, Clemente Enterprises Limited, and Alexton Holdings Limited (all based in Cyprus) — each own 24.3024% of the private joint-stock company’s shares.
The authorized capital of the private joint-stock company is UAH 736.134 million, and the nominal value of a share is UAH 0.25.
The Kryvyi Rih Mining and Metallurgical Plant PJSC ArcelorMittal Kryvyi Rih (AMKR, Dnipropetrovsk region) increased its net loss by 11.9% in January-June this year compared to the same period last year, from UAH 3 billion 769.944 million to UAH 4 billion 219.136 million.
According to AMKR’s interim report, net income in the first half of 2025 decreased by 10.4% to UAH 33.818 billion from UAH 30.621 billion.
The uncovered loss at the end of June 2025 reached UAH 28 billion 162.682 million.
According to the AMKR annual report, in 2024, the company reduced its consolidated net loss by 25.5% compared to 2023, to UAH 8 billion 841.812 million from UAH 11 billion 875.984 million. At the same time, net income decreased by 54.3% to UAH 64.599 billion from UAH 41.873 billion. Retained earnings at the end of 2024 amounted to UAH 24.039 billion.
As reported, AMKR ended 2022 with a net loss of UAH 49.9104 billion, while in 2021 it received a net profit of UAH 25.282951 billion.
ArcelorMittal Kryvyi Rih is the largest producer of rolled steel in Ukraine. It specializes in the production of long products, in particular, rebar and wire rod.
ArcelorMittal owns Ukraine’s largest mining and metallurgical complex, ArcelorMittal Kryvyi Rih, and a number of small companies, including ArcelorMittal Beryslav.
In 2024, PJSC Nikopol Ferroalloy Plant (NFP, Dnipropetrovsk region) increased its net loss by 15.9% compared to 2023, from UAH 2 billion 620.399 million to UAH 3 billion 35.966 million.
According to NZF’s annual report, net income for the past year decreased by 17.7% to UAH 7 billion 813.056 million from UAH 9 billion 493.059 million.
Retained earnings at the end of 2024 reached UAH 4 billion 128.280 million.
As reported, in January-June of this year, NZF reduced its net loss by 69.6% compared to the same period last year, to UAH 458.274 million from UAH 1 billion 505.962 million. In the first half of 2025, NZF increased its net income by 11.7% to UAH 3 billion 915.368 million from UAH 3 billion 505.483 million. Undistributed profit at the end of June 2025 reached UAH 3 billion 778.047 million.
In 2020, the company received a net profit of UAH 456 million 162,764 thousand. In 2021, the company received a net profit of UAH 5 billion 139 million 528,911 thousand. In 2022, NZF received a profit of UAH 910 million 452,147 thousand.
The plant ended 2023 with a net loss of UAH 2 billion 620 million 398,599 thousand.
In addition, it was reported that the Pokrovsky Mining and Processing Plant (PGZK, formerly Ordzhonikidze Mining and Processing Plant) and the Marganetsky Mining and Processing Plant (MGZK, both in Dnipropetrovsk region), which are part of the Privat Group, ceased the extraction and processing of raw manganese ore at the end of October-beginning of November 2023, while NZF and ZZF stopped smelting ferroalloys. In the summer of 2024, ferroalloy plants resumed production at a minimum level.
The business of ZZF, NZF, Stakhanovskyi ZF (located in NKT), Pokrovskyi and Marganetskyi GZK was organized by Privatbank prior to nationalization.
NZF is Ukraine’s largest producer of silicon and ferromanganese. The average monthly output of ferroalloys during stable operation of the enterprise is about 55-60 thousand tons.
According to NDU data for the first quarter of 2025, Sofalon Investments Limitad owns 15.503% of the shares of the private joint-stock company, Rougella Properties Ltd. owns 9.6904%, Dolemia Consulting Ltd. owns 15.7056%, Sonerio Holdings Ltd. holds 9.2158%, Manjalom Limited holds 5.8824%, and Treelon Investments Limited (all based in Cyprus) holds 15.1013%.
The authorized capital of PJSC NZF is UAH 418.915 million.
NZF is controlled by the EastOne group, created in the fall of 2007 as a result of the restructuring of the Interpipe group, as well as the Privat group (both based in Dnipro).
FERROALLOY, LOSS, NIKOPOL, PLANT, НЗФ
In January-June of this year, PJSC Nikopol Ferroalloy Plant (NFP, Dnipropetrovsk region) reduced its net loss by 69.6% compared to the same period last year, from UAH 1 billion 505.962 million to UAH 458.274 million.
According to NZF’s interim report for the first half of 2025, net income for this period increased by 11.7% to UAH 3 billion 915.368 million from UAH 3 billion 505.483 million.
Retained earnings at the end of June 2025 reached UAH 3 billion 778.047 million.
As reported, in 2020, the company received a net profit of UAH 456 million 162.764 thousand. In 2021, the company received a net profit of UAH 5 billion 139 million 528,911 thousand. In 2022, NZF received a profit of UAH 910 million 452,147 thousand.
The plant ended 2023 with a net loss of UAH 2 billion 620 million 398,599 thousand.
As reported, the Pokrovsky Mining and Processing Plant (PGZK, formerly Ordzhonikidze Mining and Processing Plant) and the Marganetsky Mining and Processing Plant (MGZK, both in Dnipropetrovsk region), which are part of the Privat Group, stopped mining and processing raw manganese ore in late October-early November 2023, while NZF and ZZF stopped smelting ferroalloys. In the summer of 2024, ferroalloy plants resumed production at a minimum level.
The business of ZZF, NZF, Stakhanov ZF (located at NKT), Pokrovsky and Marganetsky GZK was organized by Privatbank prior to nationalization.
NZF is Ukraine’s largest producer of silicon and ferromanganese. The average monthly output of ferroalloys during stable operation of the enterprise is about 55-60 thousand tons.
According to the NDU for the first quarter of 2025, Sofalon Investments Limitad owns 15.503% of the shares of the private joint-stock company, Rougella Properties Ltd. – 9.6904%, Dolemia Consulting Ltd. – 15.7056%, Sonerio Holdings Ltd. – 9.2158%, Manjalom Limited – 5.8824%, Treelon Investments Limited (all – Cyprus) – 15.1013%.
The authorized capital of PJSC NZF is UAH 418.915 million.
NZF is controlled by the EastOne group, created in the fall of 2007 as a result of the restructuring of the Interpipe group, as well as the Privat group (both based in Dnipro).
Ukrproduct Group, a major Ukrainian producer of packaged butter and processed cheese, reported a net loss of GBP0.19 million for the first half of 2025, compared to a net profit of GBP0.90 million for the same period in 2024.
“Financial expenses in the first half of 2025 increased by 35.6% to GBP0.5 million…, mainly due to the recognition and capitalization of deferred interest and fees related to the EBRD loan (approximately GBP2.1 million), with interest now accruing on a higher principal balance. Net foreign exchange losses increased to GBP0.9 million (H1 2024: GBP0.2 million) due to the depreciation of the Ukrainian hryvnia,” the company explained in a report to the London Stock Exchange on Tuesday.
As reported, in December 2024, the European Bank for Reconstruction and Development (EBRD) decided to exercise its right under the loan agreement and charged a commission of GBP2.0 million, which increased the company’s liabilities to the bank to GBP8.1 million.
The group’s gross profit for January-June increased by 2.8% to GBP3.53 million, while operating profit fell by 17.2% to GBP1.22 million and EBITDA by 18.3% to GBP1.5 million.
Ukrproduct Group’s revenue in hryvnia increased by 32.9% in the first half of the year, while in British pounds sterling, the increase was 21.6% to GBP20.23 million.
“Butter: Sales rose sharply to GBP 3.3 million (H1 2024 – GBP 1.3 million), mainly due to the expansion of exports of packaged butter. Domestic sales were deliberately reduced to avoid unprofitable deals, with sales in Ukraine limited to selected customers,” the company said.
According to the report, sales of processed cheese and cheese products increased by 4.7% to GBP11.2 million, spreads to GBP2.0 million from GBP1.7 million, mainly due to increased export volumes.
Sales of skimmed milk powder and skimmed milk products increased to GBP0.8 million from GBP0.5 million, reflecting strong demand in the EU at favorable prices. However, the possible abolition of duty-free and quota-free access under the EU’s Autonomous Trade Measures (and any revision of quotas) could significantly reduce future export volumes, Ukrproduct added.
According to the report, the sandwich spreads category remained stable, with sales of GBP0.6 million, while sales of kvass and beverages declined slightly to GBP1.0 million from GBP1.1 million. This reflects weaker demand for kvass due to the unusually cool summer, while kombucha sales are accelerating, benefiting from innovation and lifestyle-oriented positioning.
In addition, in the first half of 2025, Ukrproduct Group sold sunflower seeds worth GBP0.2 million, eight times more than last year, which allowed it to maintain profits in this segment despite lower market prices.
As noted, operating expenses increased by 13.5% to GBP 2.3 million, mainly due to higher payroll costs (inflation and labor shortages): labor turnover remains high, as younger workers move abroad or are unavailable due to mobilization and family dispersion, incentives must be provided to retain staff, increase training, and selective hiring. “Changes that allow men aged 18 to 22 to move abroad may further affect the availability of labor,” the report said.
As of June 30, 2025, Ukrproduct Group’s net assets had fallen to GBP1.6 million from GBP4.9 million a year ago, and cash balances to GBP0.1 million from GBP0.5 million. The company continues to violate a number of provisions of the loan agreement with the EBRD, including non-repayment of tranches A and B and late payment of interest since March 1, 2022, and discussions with the EBRD on the potential restructuring of the loan and accrued interest, which began in 2021, are ongoing. At present, the EBRD has not exercised its right to accelerate the repayment of the loan.
In assessing its prospects for the end of 2025, Ukrproduct assumes that the business environment will remain unstable due to the ongoing war in Ukraine and financial pressure. The company plans to optimize its product range towards value-added products, diversify its export destinations, and align production more closely with confirmed orders, as well as support the further development of recently launched products (varieties of kvass, kombucha, sandwich spreads).
“Liquidity remains limited and depends on disciplined working capital management and continued creditor tolerance while negotiations with the EBRD on restructuring are ongoing. We are limiting capital expenditure to essential safety and maintenance measures, seeking to make advance payments where possible, rationalising inventories and focusing on the most profitable product range to preserve cash,” said the company, whose capital investments in the first half of this year amounted to GBP0.49 million, compared to GBP0.50 million in the first half of last year.
As reported, Ukrproduct Group posted a net loss of GBP2.04 million for 2024, compared to a net profit of GBP0.39 million for 2023. Revenue in hryvnia increased by 13%, while in British pounds sterling the increase was only 0.2% to GBP37.08 million.
