The Supervisory Board of Yuria PrJSC (Cherkasy), a producer of dairy products under the Voloshkove Pole brand, proposes that shareholders waive dividends and allocate all UAH 85.341 million of net profit for 2022 to pay off past losses.
The relevant issue is on the agenda of the remote annual meeting on November 14 this year, the company said in a statement in the NSSMC disclosure system.
According to the announcement of the meeting, last year’s profitable performance made it possible to reduce accumulated losses by 25.1% to UAH 254.7 million and negative equity by 28.6% to UAH 212.6 million.
The meeting also plans to consolidate the two-tier management structure and re-elect the supervisory board approved in 2021.
It is noted that in 2022, Yuria received UAH 85.34 million in net profit compared to UAH 160.82 million in net loss in 2021. Last year, the company’s assets increased by 26.9% to UAH 1.54 billion, accounts receivable by 16.7% to UAH 1.05 billion, while current liabilities increased by 16.5% to UAH 1.70 billion.
At the end of last year, the company’s free cash flow amounted to UAH 176.7 million compared to UAH 7.394 million a year earlier, while inventories decreased slightly to UAH 163.1 million from UAH 168.9 million.
In the first half of 2023, Yuria increased its revenue by 15.3% to UAH 801.41 million, earning UAH 9.18 million in net profit, compared to UAH 1.03 million in the same period last year.
In terms of monetary sales, 43.3% of sales were for milk and cream (9.62 thousand tons), 14.9% for butter (374.6 tons), 11.8% for sour cream (922.7 thousand tons), 7.9% for fresh cheese (343.1 tons), 7.0% for kefir (1.29 thousand tons), and 6.1% for casein (160 tons) and yogurt (740.7 tons).
As reported, the dairy producer under the Voloshkove Pole brand invested EUR 1.5 million in the installation of a Tetrapak line in 2023 to double the production of ultra-pasteurized milk, which it intends to sell on the domestic market and export.
Yuria is the legal successor of Cherkasy City Dairy Plant with a design capacity of 25 tons of raw material processing per day.
The company has subsidiaries Yuria-2, a chain of branded stores and kiosks in Cherkasy, and Yuria-Trans, a trucking company that delivers raw materials for processing, products to retail outlets, and provides other transportation services.
The company’s raw material area is Cherkasy, Kirovograd, Poltava, Kyiv and Vinnytsia regions. Milk is collected in more than 200 settlements.
The company’s beneficiaries are Oleksandr and Andriy Tabalov.
