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.
