PJSC “Vesco,” controlled by PJSC “System Capital Management” (SCM) through its subsidiary Vesco Limited (Cyprus), saw its net profit drop 4.7-fold in January-March of this year compared to the same period last year—to 46.593 million UAH from 220.620 million UAH.
According to the company’s interim report, which is available to the agency “Interfax-Ukraine,” revenue from ordinary activities for this period fell by 2.4 times—to UAH 272.968 million from UAH 648.604 million.
Retained earnings as of the end of March amounted to UAH 3,190.277 million.
PJSC “Vesko” previously operated in the Sloviansk and Dobropillia districts of Donetsk Oblast. Due to military operations in the areas where its production sites are located, some production processes have been temporarily suspended. The company’s fixed assets are located at storage sites in territory controlled by Ukraine and at work sites.
During the period from January 1 to March 31 of this year, no clay was extracted; exports accounted for 90% of total sales. Sales volumes were supported by warehouse stocks and available extraction capacity. Sales volume for this period decreased by 135,000 tons compared to the same period in 2025, to 77,000 tons.
During the second quarter of 2026, the company does not plan to produce any clay; sales are projected at 104,000 tons of refractory clay.
The company plans to spend UAH 0.5 million in 2026 on technical re-equipment, specifically on software.
According to the annual report, the company reported a net profit of UAH 979.729 million in 2025 (UAH 1.020788 billion in 2024), while revenue from ordinary activities amounted to UAH 3.131770 billion (UAH 3.643114 billion).
In 2025, clay production amounted to 359,000 tons, with exports accounting for 80% of total sales.
In 2025, the company employed more than 709 people (including part-time workers and those laid off during the year), of whom 63% were blue-collar workers, and 37% were managers, specialists, and white-collar employees. The average salary for 2025 was 52,443.90 UAH, compared to 35,915.30 UAH in 2024.
The report notes that the war in Ukraine has significantly impacted the company’s operations. Vesko’s production facilities are located in close proximity to the active combat zone, which poses constant risks to personnel, infrastructure, and logistics processes. The intensification of hostilities in the second half of 2025 complicated the security situation in the region where the company operates and led to a reduction in production and sales volumes. In particular, due to the approach of hostilities to the city of Pokrovsk, shipments from two stations were suspended. Only one station remained for product shipment.
In order to maintain the ability to fulfill contractual obligations, the company is building up product inventories in warehouses outside the combat zone. Despite the Russian Federation’s invasion of Ukraine, the company continued to produce and sell clay throughout 2025. The company is searching for alternative deposits and developing new sales markets to sustain its business.
No clay extraction is planned for 2026; clay sales will be made from inventory in the amount of 542,000 tons.
It is also reported that in 2025, dividends were declared in the amount of UAH 427.403 million (2024 – UAH 200 million). The company’s outstanding dividend liability as of December 31, 2025, was UAH 281.371 million (as of December 31, 2024, it was UAH 316.158 million).
The number of employees as of the end of Q1 2026 was 247, as of the end of 2025 – 297, and as of the end of 2024 – 597.
Private Joint Stock Company “Vesco,” registered in Kyiv, is a leading mining and extraction enterprise and a global supplier of refractory clays with a production chain ranging from raw material extraction to the manufacture of finished products. Main business activity: extraction of sand, gravel, clays, and kaolin.
Vesco Limited (Cyprus) owns 100% of the shares of PJSC “Vesco.” The ultimate beneficial owner is Rinat Akhmetov.
The authorized capital of the PJSC is UAH 57.553 million, and the par value of a share is UAH 0.5.
Yumji Kaolin LLC of Rinat Akhmetov ‘s SCM Group has won the auction held by the State Service of Geology and Subsoil of Ukraine for the sale of a special permit for the Ivankivetska primary kaolin deposit (Zhytomyr region).
The Ivankivetska site is located near the city of Berdychiv, near the border of Zhytomyr and Vinnytsia regions. Thenearby kaolin sites are controlled by companies from theQuarzwerkegroup (owned by German citizen Lindemann-Berk Robert Otto), as well as Zhezhelivskyi kaolin owned by French citizen Erio François Thierry Roger and Turbivskyi kaolin plant owned by Roman Polishchuk.
As a reminder, Ivankivetska was put up for auction with a starting price of UAH 4,445,440.
Three bidders registered for the auction, and their final price offers are as follows:
According to the Opendatabot Index, the leading companies in the extractive industry earned more than UAH 365 billion last year. Their total revenue grew by 13% compared to the first year of full-scale operations. More than half of the total revenue of the top companies is accounted for by 2 state-owned companies. Another 6 companies belong to Rinat Akhmetov’s SCM Group.
UAH 365.26 billion was the total revenue of the mining industry leaders in 2023, according to according to the Opendatabot Index. This is even 11% more than before the start of the full-scale war.
This year’s Index is led by state-owned Ukrnafta, which increased its revenue by 2.3 times in 2023 to UAH 95.17 billion. This is 26% of the total revenue of the top 10 extractive industries. In addition, Ukrnafta also made the largest profit among the top 10 companies: UAH 25.74 billion.
Last year’s leader, Ukrgasvydobuvannya, moved to second place. Despite the fact that the company managed to increase its revenue by 9%, its net profit decreased 19 times to UAH 3.14 billion in 2023. Ukrgasvydobuvannya’s main activity is natural gas production.
In total, these two state-owned companies earned half of the total income of the leaders of the extractive industry: UAH 189 billion.
Another 41% of the leaders’ revenue was shared by six companies of Rinat Akhmetov’s SCM Group: UAH 149.67 billion. Five of them made a net profit of UAH 32.35 billion. Only Central GOK suffered a loss of UAH 1.33 billion.
Among the SCM Group companies that increased their revenues in 2023 are Northern GOK (+44%), Svyato-Varvarinskaya Concentrator (+32%) and Pokrovskoye Mining Group (+14%). At the same time, revenues of Naftogazvydobuvannya and Central GOK decreased by 35% and 31%, respectively, and DTEK Pavlohradvuhillya decreased by 6%.
The Index also includes two companies, FERREXPO AG, associated with Konstantin Zhevago. Their total revenue for 2023 decreased by almost a third compared to 2022: Poltava Mining by 33% and Yeristovo Mining by 32%. However, these two companies managed to generate a combined profit of UAH 970.7 million.
In total, nine out of ten companies included in the Index managed to make a profit last year, amounting to UAH 62.11 billion. For comparison, in 2022, only 6 out of ten companies were profitable.
Who dropped out of the top?
This year’s Index did not include Inguletsky GOK, whose revenue decreased by 32%, and Ukrnaftoburinnya (-38%), which was previously part of the group of companies owned by Ihor Kolomoisky and became state-owned by a court decision. Currently, Ukrnaftoburinnya is managed by Ukrnafta.
https://opendatabot.ua/analytics/index-mining-industry-2024
extractive industry, RINAT AKHMETOV, SCM, UKRGASVYDOBUVANNYA, UKRNAFTA
All SCM enterprises are now working for the victory of Ukraine, including on the economic front, the owner of the company Rinat Akhmetov said in an interview with the Swiss edition Bilan.
“Wherever possible, we work for the needs of the front – we help the Ukrainian army and the terror defense forces. Our metallurgical plants produce anti-tank hedgehogs, modular shelters for dugouts, we have already produced and handed over 150 thousand body armor vests to our soldiers for free. Our power engineers heroically every day return light to the houses left without electricity due to constant shelling. We are all working for Ukraine’s victory, including on the economic front,” Akhmetov said.
According to him, the situation in the Ukrainian economy due to the war is extremely difficult, but businesses continue to work, preserving jobs and budget revenues.
“The situation in business now is very difficult – as in the entire Ukrainian economy. All of our enterprises have gone to work in military mode since the first day of the war. Because today our main goal is to help Ukrainians to survive and endure”, – stressed the owner of SCM.
Only for 9 months of 2022 SCM sent to the budget more than 60 billion UAH in taxes and fees.
“For us, SCM, the war began in 2014. Both in Crimea and in the temporarily occupied part of Donbass, we lost all assets. We lost businesses, but it hardened us and made us stronger. We have a very strong team where managers think not only about business, but also about people. I am convinced that we will win this war and come out of it stronger,” summed up Rinat Akhmetov.
As reported, Akhmetov’s businesses from the first days of the war were transferred to the military mode of operation, providing the Armed Forces and defense forces with armor, bulletproof vests and engineering structures made of steel.
Also Akhmetov’s businesses under his Steel Front initiative purchase drones, thermal imagers, radios and other equipment for the needs of the military. Since the start of the war, Rinat Akhmetov’s Foundation, his businesses and FC Shakhtar have donated UAH 3.5 billion in support and humanitarian aid to the armed forces.
UMG Investments, owned by the SCM Group, has completed four merger and acquisition (M&A) deals since April this year, Investment Director Nadiia Kaznacheieva said at the CFO Forum 2020 held in Kyiv this week.
“We believe in this country, in the business where we work, and we continue investing. Since April, we have completed four M&A deals and opened two new businesses built from scratch,” she said.
Kaznacheieva said that the first such enterprise is the Ukrainian Mineral Fertilizers plant in Kryvy Rih, and the second, of a smaller scale, is the utilization of coal mine methane.
According to her, two projects were carried out in the mining segment, in which the company invests as a strategic investor, but these transactions are not public and are not disclosed.
Another investment was the purchase of a minority stake in Feednova, which is implementing a project to build a plant for the production of high-protein feed additives and animal fats in Busk (Lviv region), the investment director said.
“The importance of a domestic investor is sometimes underestimated. If domestic investors do not invest, it is difficult to expect the arrival of international investors,” Kaznacheieva said.
She added that in the context of the coronavirus epidemic, when even physical movement is limited, attracting foreign investors is even more difficult. “Now is the time of our, local investors, there is money in Ukraine,” the investment director said.
Speaking about the business of UMG Investments and its approaches to investment, Kaznacheieva said that the company operates as a private equity fund, and expects high returns from projects – IRR 25% and higher.
“What are the criteria, where we invest – industries that are growing and which, most importantly, will grow. Unlike Horizon Capital we don’t invest in FMCG. We have a different view of projects: more focused on B2B and export or import substitution,” Kaznacheieva said.
According to her, the white clay mining business from the assets of UMG Investments (VESCO) is the second largest such business in the world. “We will work further, and I believe that we will be number one in the world,” the investment director said.
She said that among the portfolio companies there is also the largest operator for the processing of waste and by-products.
Corum Group, which unites the machine building assets of System Capital Management (SCM) financial and industrial group, more than tripled EBITDA in 2017 compared to 2016, to UAH 352 million, the company’s press service has said.
As reported, in 2016 EBITDA came out of the negative level and amounted to UAH 105.4 million.
Consolidated revenue of the company increased by 44%, to UAH 1.995 billion, the volume of signed contracts by 110%, to UAH 2.872 billion.
The share of exports in the sales structure was 41% against 28% a year earlier.
The company said that one of the key events that predetermined the economic development of Ukraine in 2017 was the transport blockade of Donbas.
“After the shutdown of a number of mines in Donetsk and Luhansk regions in February 2017, the orders of which amounted to 27% of the business plan, Corum Group focused on fulfilling orders from the key customers from Ukraine, Russia, Kazakhstan, Vietnam, and Estonia. This ensured the overfulfillment of the plan for 2017 and exceeding the results of 2016 on the main indicators,” a press release reads.
According to the company, in 2017 investments in production amounted to UAH 90 million, which is 1.8 times more than in 2016.
