Business news from Ukraine

UMCC earned UAH 30 mln in profit

30 April , 2024  

PrJSC United Mining and Chemical Company (UMCC), which has taken over management of Vilnohirsk Mining and Metallurgical Plant (VGMK, Dnipro region) and Irshansk Mining and Processing Plant (IGOK, Zhytomyr region), posted a net profit of UAH 30 million in January-March this year, compared to a loss in the same period last year.

According to the company’s press release on Monday, the company planned to make UAH 20 million in net profit in the first quarter.

According to Yegor Perelygin, First Deputy Chairman of the Board, the last months of 2023 were difficult, but despite this, the management managed to lay a strong foundation for 2024.

“We have made every effort to ensure that our titanium giant operates even in difficult military conditions. Numerous negotiations with contractors and expansion of the geography of end customers are our main task, which we are successfully implementing. We have successfully rebuilt our logistics and alternative supply routes. Today, the brand of the state-owned company UMCC is returning to the EU markets and strengthening in the US. We already have contracts in place for about 135,000 tons, and the planned volumes are more than 200,000 tons,” said Perelyhin.

He added that the company’s branches – IGOK and VMMC – are currently fully loaded in accordance with their plans. The required categories of employees are booked and there are no salary arrears.

At the same time, all work to stabilize the company’s operations is carried out in close cooperation between management and the State Property Fund. As a result, current issues are addressed in a more comprehensive manner, which demonstrates effective results.

The United Mining and Chemical Company started its actual operations in August 2014, when the Government of Ukraine decided to transfer the property complexes of Vilnohirsk Mining and Metallurgical Plant (VGMK, Dnipropetrovska oblast) and Irshansk Mining and Processing Plant (IGOK, Zhytomyrska oblast) to its management. On December 8, 2016, the state-owned enterprise was transformed into PJSC UMCC, and on December 26, 2018, it was transformed from PJSC to PrJSC.

UMCC used to sell its products to more than 30 countries. The main sales markets were the EU, China, Turkey, as well as the USA and African countries.