Malt producer Slavutsky Malt Plant PJSC (Krupets, Khmelnytsky region), a member of the international agro-industrial group Soufflet, increased its net profit by 4 times in 2023 compared to 2022 – up to UAH 388.57 million.
According to the company’s report in the information disclosure system of the National Securities and Stock Market Commission (NSSMC), its revenue for the year increased by 15.3% to UAH 1.671 billion, assets – by 3.7 times to UAH 1.073 billion, and total debt obligations decreased by 2.7 times to UAH 128.915 million.
At the same time, the company increased the number of employees by five to 83.
According to the report, at the annual shareholders’ meeting on April 19, shareholders will be proposed to use the profit to develop the company and replenish working capital, and not to accrue or pay dividends based on the results of financial and economic activities for 2023.
Slavuta Malt Plant is owned by International Malt Company JSC, which was founded by Compaginie Internationale de Malteries (France), a company created by the merger of Soufflet Group and the French agricultural cooperative Invivo.
Soufflet Group, one of the world’s largest malt producers, has 28 malt plants in Europe, Asia and South America. The company is the largest flour producer in France, produces bread and confectionery in France and Portugal, and operates on the international grain market through its trading division Soufflet Negoce.
State-owned Oschadbank (Kyiv) earned UAH 6 billion in net profit in 2023, which is UAH 1.25 billion more than the previously announced preliminary data and 9.4 times higher than the financial result of 2022 (UAH 0.638 billion), the financial institution said on Friday.
“Based on the results of annual adjustments, the bank’s financial result reached almost UAH 6 billion, a record level for the entire period of its operation. (…) Thanks to this, Oschadbank has risen to the second place in the rating of profitability of Ukrainian banking institutions (according to the NBU),” the press release said.
Thus, Oschad beat Raiffeisen Bank, Sens Bank, and state-owned Ukreximbank, which, according to preliminary data, ended last year with a net profit of UAH 5.22 billion.
It is noted that the Management Board and Supervisory Board of Oschad approved the final results of the year 2023 based on the audit reports and unqualified opinion.
“The past year of 2023 was the eighth consecutive year during which the bank demonstrated profitable operations,” the press service of the financial institution emphasized.
It is also noted that in the first quarter of this year, Oschad earned UAH 4.9 billion in net profit, which is more than twice the result for the first quarter of last year.
“This is largely due to an increase in operating income, which increased by UAH 0.9 billion, or 14%, as well as a positive result of the revaluation of government bonds with an indexed value of UAH 1.2 billion,” the state bank explained.
Oschad added that an additional factor in this result is a balanced approach to optimizing operating costs, an effective risk management policy and the formation of the active part of the balance sheet “taking into account the realities and needs of the wartime economy.”
According to the National Bank of Ukraine (NBU), as of February 1 this year, Oschadbank ranked second in terms of total assets (UAH 369.56 billion) among 63 banks operating in the country.
Lutsk Foods PJSC (Volyn region), one of the largest producers of grocery products in Ukraine, received UAH 45.981 million in net profit in 2023, up 8.5% year-on-year.
According to the company’s report in the information disclosure system of the National Securities and Stock Market Commission (NSSMC), its revenue last year increased by 19.9% to UAH 856.515 million, debt obligations decreased by 28.2% to UAH 93.892 million, and assets – by 4.5% to UAH 265.767 million.
During the year, the company increased its staff by three employees to 355 people.
According to the report, at the annual meeting of shareholders on April 18, shareholders will be asked to leave the profit of UAH 45,981 thousand received in 2023 undistributed.
In addition, the shareholders are asked to authorize the company’s chairman of the board to enter into significant transactions during the year to attract investments in the modernization of production facilities and production premises, other agreements, the maximum aggregate value of each of which should not exceed UAH 200 million, with the provision of movable and immovable property of the company as security for performance without limiting its value.
Lutsk Foods PJSC was founded in 1997 on the basis of the Lutsk City Food Processing Plant, established in 1945. The company produces a wide range of tomato paste-based sauces, as well as ketchup, adjika, mustard, mayonnaise and various types of vinegar under the Runa, Ridniy Krai and Sribnytsia trademarks. Since 2009, the company has been cooperating with a number of retail chains and produces more than 40 products under their private labels. Lutsk Foods exports its products to the markets of more than 20 countries.
Astarta Agroholding cut its net profit by 5.0% to EUR61.9m in 2023, while its EBITDA fell by 6.1% to EUR145.77m, the company said in its annual report on Wednesday evening.
“EBITDA margin decreased by 7 percentage points (p. p.) year-on-year to 23%, reflecting lower crop prices, higher selling expenses and a change in the basis of supply in the sale of crops,” the document said.
According to it, Astarta’s revenue last year increased by 21.3% to EUR618.93m, gross profit by 7.8% to EUR223.59m, while operating profit decreased by 12.2% to EUR95.78m.
It is specified that the Agriculture segment contributed 39% of consolidated revenue or EUR240 million in 2023 (+33% y-o-y), while the Livestock segment contributed 7% of total revenue or EUR43 million in 2023 (+10% y-o-y).
Sales of the Sugar Production segment grew by 28% y-o-y to EUR199m and accounted for 32% of total revenue in the period under review, while the Soy Processing segment contributed 20% of Astarta’s revenue or EUR122m, unchanged y-o-y.
According to the report, export sales accounted for about 53% of consolidated revenue or EUR325m last year.
The lower gross profit growth is due to the lower effect of the revaluation of the fair value of biological assets in the cost of revenue (EUR60 mln in 2023 vs. EUR73 mln in 2022), reflecting cheaper commodities and changes in exchange rates.
It is indicated that in UAH terms, Astarta increased net profit by 11.9% to UAH2bn 452.81m in 2023 on revenue growth of 39.3% to UAH24bn 446.26m.
According to the report, cash flow from operating activities amounted to EUR91m vs. EUR39m in 2022 due to lower working capital outflows, while cash flow from investment activities increased 2.6 times to EUR40m, with the largest investments in soybean processing and sugar production.
Net financial debt (net of lease liabilities) declined by 10% last year to EUR39m, while net debt increased slightly by 3% to EUR156m due to higher lease liabilities of EUR118m vs. EUR109m in 2022.
As reported, Astarta reported EUR65.16m net profit in 2022, down 46.8% from 2021. The holding’s EBITDA decreased by 23.2% to EUR154.77m in the year before last, while revenue increased by 3.8% to EUR510.07m.
In 9M 2023, net profit decreased by 9.8% to EUR55.97 mln, while revenue grew by 14.8% to EUR392.00 mln. EBITDA decreased by 10.8% to EUR116.63 mln.
In UAH terms, Astarta increased its net profit by 6.9% to UAH 2 bln 219.11 mln in the first 9 months of last year, while revenue grew by 37.7% to UAH 15 bln 513.56 mln.
“Ukrainian Danube Shipping Company” (UDP) ended 2023 with a record profit of UAH 719 million, having eliminated its existing debt, the Ministry of Communities, Territories and Infrastructure (MinRestoration) reported.
“The company paid over UAH 140 million to the state budget, fulfilling its obligations to the state in full. Dividends amounted to almost UAH 216 million, which is a record figure for all the years of the Ukrainian Danube Shipping Company’s existence. At the same time, the company liquidated its existing debts,” the statement said.
The result was made possible mainly due to a single logistics service – combining freight with transshipment in Ukraine and Constanta. In addition, since the beginning of the full-scale invasion, there has been a high demand for river transportation, which takes place without intermediaries at market prices. The procurement system has also been structured and a large number of anti-corruption measures have been taken, the Ministry of Reconstruction noted.
“Ukrainian Danube Shipping Company has been steadily showing growth in all indicators. In addition to budget revenues, it is expanding its own capacities by modernizing the old fleet,” Deputy Prime Minister for Recovery and Head of the Ministry of Recovery Oleksandr Kubrakov was quoted as saying in the statement.
Kubrakov expressed his gratitude to the entire team of Ukrainian Danube Shipping Company for their work.
In January-March 2024, Ukrzaliznytsia (UZ) operated at a profit, UZ CEO Yevhen Lyashchenko said at a meeting with journalists, but did not specify the specific amount of the profit.
According to the presentation made at the meeting, in 2023, UZ’s net profit amounted to UAH 5 billion.
Among the key factors that had a positive impact on UZ’s financial results, the presentation mentions revenue from passenger transportation, which increased due to an 11% increase in passenger turnover (+1.42 billion UAH) a decrease in the cost of materials and repairs due to cost-saving measures, including the use of old materials (+UAH 4.81 billion), a more stable hryvnia exchange rate than initially expected (+UAH 4.53 billion) and the restoration of the usefulness of assets in the de-occupied territories (+1.88 billion).
In addition, the cancellation of the land tax liability for facilities in the occupied territories (+UAH 0.69 billion), reduction of the land tax rate due to the re-registration of land plots (+UAH 0.55 billion), and growth in revenues from auxiliary activities: security services by 25% and passenger services by 24% (+UAH 527 million) had a positive impact.
At the same time, UZ’s financial performance was negatively affected by a decline in freight revenue in 2023 due to the temporary suspension of the grain corridor and conventional restrictions on agricultural exports to the EU (-UAH 8.57 billion), as well as a salary increase to avoid staff outflow (-UAH 3.41 billion).
According to Lyashchenko, UZ transferred 50% of its profit in 2023 to the state budget in the form of dividends.
The UZ CEO also noted that the company continues to restore infrastructure damaged by Russian attacks at its own expense. In addition, as one of the largest electricity distribution operators, it has invested in the protection of substations and critical energy infrastructure.
