Ukrproduct Group, a major Ukrainian producer of packaged oil and processed cheese, reported a net loss of GBP 2.04 million for 2024, compared with a net profit of GBP 0.39 million in 2023.
“Financial expenses in 2024 increased by 253% compared to the previous year to GBP 2.8 million, which was caused by significant accruals of commission for deferral of a loan from the EBRD, retrospectively applied for the period from October 2016 to December 2024,” the company explained in its annual report on the London Stock Exchange.
According to the report, 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 GBP 2.0 million, which increased the company’s liabilities to the bank to GBP 8.1 million.
The group’s gross profit for the past year increased by 3.9% to GBP 7.12 million, while operating profit fell by 36.6% to GBP 1.08 million and EBITDA by 29% to GBP 1.7 million.
