Business news from Ukraine

BUSINESSMAN RINAT AKHMETOV SENDS UAH 300 MLN TO FIGHT CORONAVIRUS

Businessman Rinat Akhmetov will send UAH 300 million to fight the COVID-19 coronavirus, combining all the resources of the charity foundation, DTEK and Metinvest, FC Shakhtar and all the assets of his financial and industrial holding SCM to help Ukraine, according to the foundation.
“Coronavirus is a disaster that the modern world has encountered on such a scale, probably for the first time. I’m absolutely sure that in this situation everyone should think how exactly he can help Ukraine and Ukrainians,” Akhmetov said.
Under the decision of the founder, the Rinat Akhmetov Foundation will purchase another 300,000 rapid tests for coronavirus for the whole of Ukraine, which will be transferred to the Stabilization Fund, initiated by President of Ukraine Volodymyr Zelensky, in the shortest possible time. In addition, at least 200 respiratory medical devices and other equipment will be purchased.
“In cooperation with the Ministry of Health, we will do everything possible to prevent an epidemic of coronavirus in the cities of our presence and throughout the country. Only by combining our efforts in the face of danger we can make Ukraine cope with all the challenges that it faces,” the businessman said.
The foundation recalled that earlier, according to Akhmetov’s decision, equipment for the effective treatment of coronavirus complications had already been purchased and handed over to the Ministry of Health: high-quality Servo-I Universal and Servo Air respiratory medical devices of Swedish manufacture and other equipment.

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AKHMETOV’S UKRTELECOM NOT TO PAY DIVIDENDS FOR 2017, TO CHANNEL PROFIT INTO COVERING LOSSES

PJSC Ukrtelecom whose 92.79% stake belongs to LLC ESU, which is controlled by Rinat Akhmetov’s System Capital Management (SCM), will not pay dividends for 2017. “It was decided that the profit the company generated last year will be used to cover losses accumulated over previous periods,” Ukrtelecom’s press service told Interfax-Ukraine.
In addition, shareholders re-elected the supervisory board together with its head, Leonid Netudykhata, who once headed the State Service for Special Communications and Information Protection, was Deputy Minister of Transport and Communications, and worked as Chairman of Ukrtelecom’s Board of Directors in 1997-2000.
“The shareholders confirmed the top managers’ course towards further modernization of the company and an increase in the share of revenue from new IP services,” the press service said.
As reported, PJSC Ukrtelecom completed 2017 with a net profit of UAH 867 million, which was 44.3% more than in 2016. The operator’s net income over the year increased by 1.7%, to UAH 6.654 billion.
Earnings before interest, tax, depreciation and amortization (EBITDA) grew by 4.9%, to UAH 1.867 million, EBITDA margin rose by 1.8 percentage points, to 28.1%. The company’s capital investment decreased by 0.7%, to UAH 948 million.

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