The consolidated profit of Naftogaz Group in January-September 2024 increased by one and a half times (by UAH 8.014 billion) compared to the same period last year – up to UAH 23.304 billion.
According to the consolidated financial statements published on Naftogaz’s website, its revenue for the first nine months increased by 20.3% (by UAH 33.577 billion) to UAH 199.195 billion, gross profit by 2.1 times (by UAH 33.862 billion) to UAH 65.104 billion, and operating profit by 28.4% (by UAH 7.17 billion) to UAH 32.375 billion.
“Naftogaz Group companies continue to operate smoothly despite all the current challenges. We ensure stable growth in hydrocarbon production and improve our financial performance. I am grateful to the entire team for these results,” said Roman Chumak, Acting CEO of the company.
Also, in January-September 2024, Naftogaz enterprises paid almost UAH 67 billion in taxes to the budget, the group supplies natural gas to almost 12.4 million households, continuing to supply gas at a fixed tariff under PSO.
In October 2024, state-owned PrivatBank cut its net profit by 2.6 times compared to September, to UAH 1 billion 911.5 million, retaining its leadership among the five most profitable banks in the country, according to the National Bank of Ukraine (NBU).
According to the data, Privat is followed by Oschadbank, which in October increased its net profit by 43.1% to UAH 939.79 million compared to the previous month. Universal Bank (monobank) rounded out the top three, increasing its profit by 68.5% year-on-year to UAH 725.37 million.
It is followed by OTP Bank with UAH 648.71 million (-5.7% compared to September) and Ukrsibbank with UAH 601.30 million (+24.8%).
The second five most profitable banks in October were led by Raiffeisenbank, which increased its net profit in October by 4.7% compared to September to UAH 561.99 million. The list also includes: City Bank – UAH 533.94 million (+16.3%), FUIB – UAH 518.17 million (+2.3%), Credit Agricole Bank – UAH 380.72 million (+1%) and Kredobank – UAH 209.66 million (in September – loss of UAH 57.98 million).
The number of banks whose net profit exceeded UAH 100 million decreased from six in September to three in October: Sense Bank – UAH 204.22 million (-78.2%), Ukrgasbank – UAH 170.37 million (-66.1%), and ProCreditBank – UAH 111.50 million (-21.2%).
Five other financial institutions reported net profit of over UAH 50 million in October: A-Bank with UAH 90.37 million, ING Bank Ukraine with UAH 89.59 million, Ukreximbank with UAH 87.63 million, Credit Dnipro Bank with UAH 63.20 million, and Idea Bank with UAH 59.97 million.
At the same time, the three most unprofitable banks in October were Clearing House Bank with a net loss of UAH 90.49 million, Alliance Bank with a net loss of UAH 73.29 million, and Agroprosperis Bank with a net loss of UAH 30.45 million, respectively.
The list of the most profitable banks for the first ten months of this year is also headed by Privat with a large margin – UAH 50 billion 263.4 million, followed by Oschadbank with UAH 12 billion 775.9 million.
They are followed by Raif – UAH 6 billion 713.58 million, Ukrexim – UAH 5 billion 959.42 million, FUIB – UAH 5 billion 702.26 million, Ukrsib – UAH 5 billion 641.10 million, Credit Agricole – UAH 5 billion 497.69 million, Universal (mono) – UAH 5 billion 139.57 million, Ukrgasbank – UAH 4 billion 843.37 million. OTP Bank closes the top ten leaders in terms of profit in January-October with UAH 4 billion 820.43 million in net profit.
As for unprofitable banks, there are 10 out of 62 of them in Ukraine as of ten months of this year. Pravex Bank has the worst result at UAH 150.29 million, followed by Grant Bank at UAH 65.45 million and Industrialbank at UAH 38.42 million.
In total, in January-October 2024, the net profit of banks amounted to UAH 125.55 billion, which is 2.3% more than the result for the same period last year. At the same time, in October, the net profit of the banking system amounted to UAH 7.92 billion, while in September of this year it was UAH 11.55 billion.
“Kernel, one of Ukraine’s largest agricultural holdings, posted a net profit of $121 million in the first quarter of fiscal year (FY) 2025 (July-September 2024), compared to a net loss of $31 million in the same period of FY 2024.
“This indicates a strong dependence of the group’s revenues on the availability of the Black Sea for export operations,” the company said in a quarterly report published on its website on Friday.
According to the report, Kernel’s consolidated revenue in Q1 FY2025 reached $798 million, up 46% year-on-year, amid a low comparative base due to the lack of stable grain export operations in July-September 2023.
At the same time, it is specified that compared to the previous quarter, in July-September 2024, revenue decreased by 19% due to a seasonal decline in sales of edible oils and grain.
“Due to the increase in global prices for grains and oilseeds, the Group recognized a net gain on changes in the fair value of biological assets of $42 million compared to a loss of $10 million recognized in Q1 FY2024,” the report also says.
It is also noted that Kernel’s cost of sales decreased by 18% quarter-on-quarter to $675 million, in particular, shipping and handling costs fell by 38% due to lower sales volumes and lower freight costs and accounted for 15% of the total cost of sales.
“As a result, gross profit for July-September 2024 decreased by 20% year-on-year to $164 million, which is 3.2 times higher than the previous year’s result of $52 million,” the document says.
According to the report, Kernel’s EBITDA in the first quarter of 2025 amounted to $169 million compared to $19 million in the first quarter of 2024.
It is specified that the oilseeds processing segment provided EBITDA of $37 million, which is 37% less than in the previous year, and this decrease was due to both a decrease in edible oil sales and a decrease in profitability.
In the Infrastructure and Trading segment, EBITDA amounted to $53 million, up 9 times year-on-year, mainly due to the inaccessibility of the Black Sea for export operations from Ukraine in the same period last year. This year’s strong performance was driven by profitable grain harvesting and transshipment operations in Ukraine and the availability of deepwater ports, which ensured stable export operations.
The Agriculture segment reported a strong EBITDA of $84 million, a sharp turnaround from a loss of $23 million in 1Q2024, thanks to $42 million from the revaluation of biological assets, supported by the sale of 521 thousand tons of grains and oilseeds in July-September 2024.
“Operating profit before changes in working capital in July-September 2024 increased 2.8 times compared to the same period last year and reached $148 million, reflecting an improvement in the EBITDA structure due to the opening of deepwater ports for export operations,” the document states.
At the same time, changes in working capital resulted in a cash outflow of $56 million in the reporting period, which was mainly due to the seasonal accumulation of inventories amid the ongoing harvesting campaign in Ukraine.
Net cash used in investing activities amounted to USD 20 million, reflecting the purchase of property, plant, and equipment. Following the completion of major investment projects in the previous financial year, the Group shifted its focus to modernizing agricultural machinery and other maintenance activities.
According to the report, net cash provided by financing activities for the three months ended September 30, 2024 amounted to $20 million, including $114 million in proceeds from new borrowings, $83 million in repayments of borrowings, and $11 million in repayments of agricultural land lease obligations.
Kernel’s debt obligations increased by 4% in the first quarter of FY2025 to $1.129 billion, reflecting the use of previously signed credit lines from European and Ukrainian banks to finance working capital, but the company repaid $300 million of Eurobonds in October, and its net debt decreased by 7% to $261 million at the end of September.
“In the first quarter of FY2025, the group’s leverage improved, with net debt to EBITDA falling to 0.5x and interest coverage ratio rising to 10.7x EBITDA before 12-month interest,” the document states.
It is also specified that inventories increased by 76% in the first quarter of FY2025 to $435 million, reflecting the seasonal accumulation of sunflower seeds and grain due to the long harvesting campaign in Ukraine. Inventories included 988 thousand tons of grains (mainly corn, wheat and soybeans), 94 thousand tons of edible oil, 49 thousand tons of sunflower meal and 340 thousand tons of sunflower seeds.
In addition, in October 2024, the company raised a $150 million pre-export credit line from a syndicate of international banks to support export operations and meet working capital needs in the current fiscal year.
Kernel is the world’s largest exporter of sunflower oil and one of the largest producers and sellers of bottled oil in Ukraine. It is also engaged in the cultivation and sale of agricultural products.
Kernel’s net profit for FY2023 amounted to $299 million, while the company ended the previous year with a net loss of $41 million. The agricultural holding’s revenue for FY2023 decreased by 35% to $3.455 billion, but EBITDA increased 2.5 times to $544 million.
TAS Dneprovagonmash LLC (DVM, Kamianske, Dnipro region), controlled by businessman Sergiy Tigipko’s TAS Financial and Industrial Group, posted a consolidated net profit of UAH 84.08 million in January-September, up 6% year-on-year.
According to the company’s interim reports, published on Thursday in the information disclosure system of the National Securities and Stock Market Commission (NSSMC), its consolidated net income increased by 62.8% to UAH 1.61 billion.
The report notes that the consolidated financial statements include the performance of the car-building company TAS Dniprovagonmash and its subsidiary, the casting manufacturer TAS Steel Plant.
As reported, TAS Dneprovagonmash’s unconsolidated net profit for January-September amounted to UAH 53.86 million, which is 5.4% more than in the same period in 2023, with unconsolidated revenue growing by 76.4% to UAH 1 billion 278 million.
According to the report, the company’s consolidated net income includes revenue from the sale of railcars and rolling stock of UAH 1.245 billion, revenue from the sale of castings and shot of UAH 332.2 million, revenue from the sale of spare parts of UAH 31 million, and revenue from services rendered (almost UAH 1.18 million), including railcar repair.
In the first half of this year, the company’s consolidated profit decreased by almost 2.4 times compared to the same period in 2023 to UAH 40.37 million, while consolidated net income increased by 35% to UAH 1.01 billion.
As reported, at the beginning of 2023, TAS Group became a strategic investor in the TransAnt GmbH railcar building joint venture of Austrian Voestalpine and ÖBB Rail Cargo with a 40% stake, and in the spring of 2024 it became the majority owner of TransAnt, increasing its stake to 61%.
This year, the company plans to invest UAH 100.2 million in the development of the European direction (for the purchase of equipment).
As reported, TAS Dneprovagonmash produced 378 freight cars in 2023 (including for the EU market), which is 34.8% less than in 2022, while sales decreased by 40.6% to 370 units. Non-consolidated revenue decreased by 2.8% to UAH 1 billion 77 million, while net profit increased slightly to UAH 49.2 million.
TAS Group was founded in 1998 by businessman Sergey Tigipko. Its business interests include the financial sector (banking and insurance) and pharmacy, as well as industry, real estate, and venture capital projects.
The shareholders of Credit Agricole Bank Ukraine decided to keep all profits generated in Ukraine inside the country, thus increasing the Tier 1 capital, said Vitaliy Kucher, Member of the Management Board and CFO of the bank.
“We have made a political decision, and all the income that the bank earns in Ukraine remains in Ukraine. That is, we do not postpone the distribution of dividends, we distribute them, we increase the Tier 1 capital,” he said at the Association of Ukrainian Banks conference ‘Financial Sector of Ukraine 2024: Results, Challenges, Forecasts’ in Kyiv on Wednesday.
“That is, the money stays here forever to support the economy, to build a sufficient buffer for the development of lending,” Kucher added.
According to him, in case of building an acceptable investment climate and predictable environment, conducting the right regulatory and state policy, “money will flow here (to Ukraine – IF-U).”
The CFO also noted that the group’s central management is actively involved in the subsidiary’s operations, in particular, unlike a number of other foreign banks, he personally visits Ukraine during a full-scale war.
Credit Agricole Bank (formerly Index Bank) was founded in 1993. Its sole shareholder is Credit Agricole S.A. (France). According to the National Bank of Ukraine, as of October 1, Credit Agricole Bank ranked 10th in terms of total assets (UAH 121.08 billion) among 62 banks operating in the country. The net profit of the financial institution for the first nine months of 2024 amounted to UAH 5.12 billion, and its equity as of October 1 amounted to UAH 14.15 billion.
Astarta Agro Holding, the largest sugar producer in Ukraine, increased its net profit by 35.1% in January-September 2024 compared to the same period in 2023, to EUR75.60 million, according to the company’s report on the Warsaw Stock Exchange.
According to the report, consolidated revenue increased by 12.6% to EUR441.46 million, while gross profit grew by 20.3% to $183.98 million and EBITDA by 12.8% to $131.56 million.
It is indicated that the results of the sugar production segment accounted for 38% of total sales or EUR169 million, which is 19% more than in the same period last year.
According to the report, agriculture accounted for 33% of Astarta’s revenue, or EUR146 million, up 28% year-on-year, while livestock revenue increased by 22% to EUR37 million.
At the same time, sales from soybean processing decreased by 17% year-on-year to EUR77 million.
It was specified that the share of exports is 64% of consolidated revenue, or EUR283 mln, compared to 46% in the first nine months of 2023.
Taking into account the data for the first half of the year, Astarta managed to improve its performance in the third quarter.
As reported, in the first half of 2024, the agricultural holding reduced its net profit by 13.9% compared to the first half of 2023 to EUR 47.11 million and EBITDA by 11.7% to $85.83 million, while revenue increased by 11.6% to EUR 320.71 million.
“Astarta is a vertically integrated agro-industrial holding company operating in eight regions of Ukraine. It comprises six sugar factories, agricultural enterprises with a land bank of 220 thousand hectares and dairy farms with 22 thousand cattle, an oil extraction plant in Globyno (Poltava region), seven elevators and a biogas complex.
In 2023, the agricultural holding reduced its net profit by 5.0% to EUR 61.9 million, and its EBITDA decreased by 6.1% to EUR 145.77 million, while revenue increased by 21.3% to EUR 618.93 million.
