In January-June of this year, PJSC Nikopol Ferroalloy Plant (NFP, Dnipropetrovsk region) reduced its net loss by 69.6% compared to the same period last year, from UAH 1 billion 505.962 million to UAH 458.274 million.
According to NZF’s interim report for the first half of 2025, net income for this period increased by 11.7% to UAH 3 billion 915.368 million from UAH 3 billion 505.483 million.
Retained earnings at the end of June 2025 reached UAH 3 billion 778.047 million.
As reported, in 2020, the company received a net profit of UAH 456 million 162.764 thousand. In 2021, the company received a net profit of UAH 5 billion 139 million 528,911 thousand. In 2022, NZF received a profit of UAH 910 million 452,147 thousand.
The plant ended 2023 with a net loss of UAH 2 billion 620 million 398,599 thousand.
As reported, the Pokrovsky Mining and Processing Plant (PGZK, formerly Ordzhonikidze Mining and Processing Plant) and the Marganetsky Mining and Processing Plant (MGZK, both in Dnipropetrovsk region), which are part of the Privat Group, stopped mining and processing raw manganese ore in late October-early November 2023, while NZF and ZZF stopped smelting ferroalloys. In the summer of 2024, ferroalloy plants resumed production at a minimum level.
The business of ZZF, NZF, Stakhanov ZF (located at NKT), Pokrovsky and Marganetsky GZK was organized by Privatbank prior to nationalization.
NZF is Ukraine’s largest producer of silicon and ferromanganese. The average monthly output of ferroalloys during stable operation of the enterprise is about 55-60 thousand tons.
According to the NDU for the first quarter of 2025, Sofalon Investments Limitad owns 15.503% of the shares of the private joint-stock company, Rougella Properties Ltd. – 9.6904%, Dolemia Consulting Ltd. – 15.7056%, Sonerio Holdings Ltd. – 9.2158%, Manjalom Limited – 5.8824%, Treelon Investments Limited (all – Cyprus) – 15.1013%.
The authorized capital of PJSC NZF is UAH 418.915 million.
NZF is controlled by the EastOne group, created in the fall of 2007 as a result of the restructuring of the Interpipe group, as well as the Privat group (both based in Dnipro).
Ukrproduct Group, a major Ukrainian producer of packaged butter and processed cheese, reported a net loss of GBP0.19 million for the first half of 2025, compared to a net profit of GBP0.90 million for the same period in 2024.
“Financial expenses in the first half of 2025 increased by 35.6% to GBP0.5 million…, mainly due to the recognition and capitalization of deferred interest and fees related to the EBRD loan (approximately GBP2.1 million), with interest now accruing on a higher principal balance. Net foreign exchange losses increased to GBP0.9 million (H1 2024: GBP0.2 million) due to the depreciation of the Ukrainian hryvnia,” the company explained in a report to the London Stock Exchange on Tuesday.
As reported, 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 GBP2.0 million, which increased the company’s liabilities to the bank to GBP8.1 million.
The group’s gross profit for January-June increased by 2.8% to GBP3.53 million, while operating profit fell by 17.2% to GBP1.22 million and EBITDA by 18.3% to GBP1.5 million.
Ukrproduct Group’s revenue in hryvnia increased by 32.9% in the first half of the year, while in British pounds sterling, the increase was 21.6% to GBP20.23 million.
“Butter: Sales rose sharply to GBP 3.3 million (H1 2024 – GBP 1.3 million), mainly due to the expansion of exports of packaged butter. Domestic sales were deliberately reduced to avoid unprofitable deals, with sales in Ukraine limited to selected customers,” the company said.
According to the report, sales of processed cheese and cheese products increased by 4.7% to GBP11.2 million, spreads to GBP2.0 million from GBP1.7 million, mainly due to increased export volumes.
Sales of skimmed milk powder and skimmed milk products increased to GBP0.8 million from GBP0.5 million, reflecting strong demand in the EU at favorable prices. However, the possible abolition of duty-free and quota-free access under the EU’s Autonomous Trade Measures (and any revision of quotas) could significantly reduce future export volumes, Ukrproduct added.
According to the report, the sandwich spreads category remained stable, with sales of GBP0.6 million, while sales of kvass and beverages declined slightly to GBP1.0 million from GBP1.1 million. This reflects weaker demand for kvass due to the unusually cool summer, while kombucha sales are accelerating, benefiting from innovation and lifestyle-oriented positioning.
In addition, in the first half of 2025, Ukrproduct Group sold sunflower seeds worth GBP0.2 million, eight times more than last year, which allowed it to maintain profits in this segment despite lower market prices.
As noted, operating expenses increased by 13.5% to GBP 2.3 million, mainly due to higher payroll costs (inflation and labor shortages): labor turnover remains high, as younger workers move abroad or are unavailable due to mobilization and family dispersion, incentives must be provided to retain staff, increase training, and selective hiring. “Changes that allow men aged 18 to 22 to move abroad may further affect the availability of labor,” the report said.
As of June 30, 2025, Ukrproduct Group’s net assets had fallen to GBP1.6 million from GBP4.9 million a year ago, and cash balances to GBP0.1 million from GBP0.5 million. The company continues to violate a number of provisions of the loan agreement with the EBRD, including non-repayment of tranches A and B and late payment of interest since March 1, 2022, and discussions with the EBRD on the potential restructuring of the loan and accrued interest, which began in 2021, are ongoing. At present, the EBRD has not exercised its right to accelerate the repayment of the loan.
In assessing its prospects for the end of 2025, Ukrproduct assumes that the business environment will remain unstable due to the ongoing war in Ukraine and financial pressure. The company plans to optimize its product range towards value-added products, diversify its export destinations, and align production more closely with confirmed orders, as well as support the further development of recently launched products (varieties of kvass, kombucha, sandwich spreads).
“Liquidity remains limited and depends on disciplined working capital management and continued creditor tolerance while negotiations with the EBRD on restructuring are ongoing. We are limiting capital expenditure to essential safety and maintenance measures, seeking to make advance payments where possible, rationalising inventories and focusing on the most profitable product range to preserve cash,” said the company, whose capital investments in the first half of this year amounted to GBP0.49 million, compared to GBP0.50 million in the first half of last year.
As reported, Ukrproduct Group posted a net loss of GBP2.04 million for 2024, compared to a net profit of GBP0.39 million for 2023. Revenue in hryvnia increased by 13%, while in British pounds sterling the increase was only 0.2% to GBP37.08 million.
The net consolidated loss of the DTEK RES holding in the first half of 2025 amounted to UAH 1.710 billion, compared to a profit of UAH 1.397 billion in the first half of 2024.
According to the stock exchange report of the holding company DTEK Renewables B.V., this result is due to a 5.4-fold increase in net losses from exchange rate differences on financial and investment activities to UAH 2.381 billion, as well as the fact that last year the company reversed asset impairment losses of UAH 0.566 billion.
According to the report, DTEK Renewables’ consolidated revenue in the first half of 2025 decreased by 1.6% to UAH 2.953 billion, and gross profit decreased by 23.6% to UAH 2.219 billion.
It is noted that sales of wind power plants increased to UAH 0.79 billion from UAH 0.61 billion, while solar power plants increased to UAH 1.986 billion from UAH 1.948 billion.
As of mid-year, DTEK RES’s total assets amounted to UAH 47.91 billion, compared to UAH 38.21 billion at the beginning of the year, while total capital decreased to UAH 6.206 billion from UAH 7.916 billion.
The report notes that in the first half of this year, including the first two decades of June, the actual weighted average level of payments by the Guaranteed Buyer reached 84%, while in the same period of 2024 it was only 55%, and the debt as of June 30, 2025, amounted to UAH 0.614 billion.
DTEK RES expects a payment level of 90% this year and repayment of UAH 0.778 billion of debt with the remaining UAH 1.119 billion to be paid in 2026-27.
Among other positive developments, the company cited the law adopted by the Verkhovna Rada in February 2025 No. 4213 “On Amendments to Certain Laws of Ukraine in the Fields of Energy and Heat Supply Regarding the Improvement of Certain Provisions Related to Economic Activity and Martial Law in Ukraine,” which addresses critical issues by simplifying access to the power grid, increasing investor confidence, and stimulating the creation of new capacity. “The procedures for connecting to the power grid will become more reliable and transparent, and the capacity reservation system will serve as a tool for reducing the risks of large investments in wind energy,” according to DTEK RES.
The company added that the law also increased the annual quota for participation in “green” auctions and directed 45% of the surplus received by NPC Ukrenergo as a result of dispatching activities in 2023 and 2024 to repay accumulated debts to RES producers.
The report also states that in the first half of this year, DTEK RES participated in the construction of the second phase of DTEK Tiligulskaya WPP and battery storage projects, with additional capacity in these projects amounting to UAH 7.283 billion and UAH 3.746 billion. In addition, in July-September, another UAH 2.385 billion and UAH 250 million were allocated for these purposes, and in August, these 200 MW storage facilities were put into operation.
The company’s total loans for the first half of this year increased from UAH 26.51 billion to UAH 37.58 billion, including long-term loans from UAH 16.07 billion to UAH 26.38 billion, of which UAH 12.10 billion to UAH 13.46 billion were green Eurobonds, and the rest in bank loans.
The report states that negotiations are continuing on the restructuring of several loans in connection with Russia’s occupation of the company’s assets. At the same time, in August this year, an additional agreement was signed with Ukrgasbank to defer payments on the principal amount of the debt for one year with interest accruing during the deferral period.
In addition, in January-July this year, DTEK VDE managed to fully repay a EUR198 million non-bank loan, which arose due to the NBU’s restrictions on foreign currency payments.
As reported, the net consolidated profit of DTEK RES holding in 2024 amounted to UAH 1.584 billion, compared to a loss of UAH 547 million in 2023. Consolidated revenue increased by 50.3% to UAH 5.604 billion, and gross profit doubled to UAH 5.19 billion.
Elvorti (Kropyvnytskyi), a manufacturer of sowing and soil cultivation equipment, ended the first half of 2025 with a loss of UAH 17.5 million, which is 2.9 times more than in the same period last year.
According to the company’s interim report published on Friday in the NSSMC’s information disclosure system, its net income in January-June increased by 27.8% to UAH 339 million.
Elvorti incurred a loss of UAH 7.4 million from operating activities, which is 3.4 times less than last year, while gross profit amounted to UAH 27.5 million compared to a loss of UAH 1.1 million in January-June 2024.
As reported, in the first quarter of this year, the company reduced its loss by 35% compared to the same period in 2024, to UAH 5.5 million, with net income growing by 53.6% to UAH 222.7 million.
Thus, in the second quarter, Elvorti incurred a loss of almost UAH 12 million, while in April-June 2024, net profit amounted to UAH 2.4 million, and net income decreased by 3.3% to UAH 116.3 million.
According to the report, in the second quarter, the company exported products worth UAH 25.1 million, with the main export markets being Eastern Europe and Central Asia (Kazakhstan, Kyrgyzstan).
In April-June, 125 seeders worth UAH 57.4 million, 52 cultivators worth UAH 10.1 million, 63 harrows worth UAH 16 million, seven sprayers worth UAH 9 million, and three construction and road machines worth UAH 8.2 million were manufactured.
The average selling prices of seed drills were UAH 548,200, cultivators – UAH 250,500, harrows – UAH 325,900, and sprayers – UAH 1.45 million.
Elvorti JSC, part of businessman Pavlo Shtutman’s Elvorti Group, specializes in the production of sowing and soil cultivation equipment: seeders for sowing grain and row crops, cultivators for continuous and inter-row soil cultivation, and disc harrows for resource-saving soil cultivation.
Last year, the company reduced its losses by more than three times compared to 2023, to UAH 27.6 million, with net income growing by 16.3% to UAH 570.5 million, and this year it plans to increase its revenue to UAH 712 million and break even.
As of June 30, the company employed 382 people.
According to the results of January-June this year, PJSC Ukrainian Graphite (Ukrgrafit, Zaporizhia) increased its net loss by 41.8% compared to the same period last year, from UAH 82.791 million to UAH 117.432 million.
According to the company’s interim report, net income for this period increased by 3.9% to UAH 686.358 million.
The company’s undistributed profit at the end of June amounted to UAH 3 billion 548.269 million.
As reported, in Q1 2025, Ukrgrafit increased its net loss by 80.6% compared to the same period last year, to UAH 65.870 million from UAH 36.466 million. Net income for this period decreased by 1.6% to UAH 296.640 million.
Ukrgrafit ended 2024 with a net loss of UAH 202.447 million, while in 2023 it increased its net profit by 2.34 times compared to 2022, to UAH 122.920 million.
Ukrgrafit is a leading Ukrainian manufacturer of graphite electrodes for electric steel melting, ore-thermal and other types of electric furnaces, commercial carbon masses for Soderberg electrodes, and carbon-based refractory materials for metallurgical, machine-building, chemical and other industrial complexes.
According to the National Depository of Ukraine (NDU) for the first quarter of 2025, Intergraphite Holdings Company Limited (Malta) owns 23.9841% of the private joint-stock company, and C6 Safe Group Limited (Cyprus) owns 72.0394%.
The authorized capital of the private joint-stock company is UAH 233.959 million, and the nominal value of a share is UAH 3.35.
TAS-Dniprovagonmash LLC (DVK, Kamyanske, Dnipropetrovsk region), controlled by the financial and industrial group TAS owned by businessman Serhiy Tihipko, ended January-June 2025 with a loss of UAH 39.6 million, while in the first half of 2024, net profit amounted to UAH 18.8 million.
According to the company’s interim report published on Thursday in the NSSMC’s information disclosure system, net income decreased by 29.5% to UAH 561.25 million.
The company reduced its gross profit by 38.4% to UAH 48.3 million, incurring a loss of UAH 33.9 million from operating activities, compared with a profit of UAH 26.4 million in the first half of 2024.
As reported, in the first quarter of this year, the company incurred a loss of UAH 16.9 million (a year earlier, it had a net profit of UAH 7.2 million) due to a 24.7% decrease in revenue to UAH 285.5 million.
Thus, TAS Dniprovagomash ended the second quarter of this year with a loss of 22.8 million UAH, while in April-June 2024, net profit amounted to 11.7 million UAH, and net income decreased by 34% to 275.7 million UAH.
According to the report, in the second quarter of this year, the plant produced 202 railcars (140 units in the same period of 2024 and 181 railcars in the first quarter of this year), with an average selling price of 2,782,800 UAH. (in the first quarter – 2,569,400 UAH).
At the same time, total exports amounted to 222.8 million UAH (80.8% of sales), with Lithuanian LTG Cargo being the main customer. In Ukraine, the cars were supplied to Ukrzaliznytsia.
“In the second quarter of 2025, the freight base of railway logistics in Ukraine tended to decline, which in turn had a negative impact on the demand for newly built freight cars,” the report says.
TAS Dniprovagomash’s share in the total production of freight cars in Ukraine at the end of the second quarter was 46% (in the first quarter – 25.8%), and its main competitors remain the Kryukiv Railway Car Building Works, the Karpaty Research and Mechanical Engineering Plant, and Ukrzaliznytsia enterprises.
The plant’s production capacity was utilized at 32% in the second quarter, and equipment utilization was at 38%.
The plant notes in its report that the value of concluded but not yet fulfilled agreements (contracts) at the end of the reporting period amounted to UAH 915.1 million (excluding VAT), and the expected loss from their fulfillment is UAH 24.9 million.
As of the beginning of July this year, the company employed 748 people.
As reported, TAS Dniprovagonmash, which has the capacity to produce 9,000 cars per year, increased its sales of freight cars by 63.7% in 2024 compared to 2023, to 606 units, and production by 59.2%, to 602 units.
Last year, the plant increased its net profit by 31.6% to UAH 62.3 million, and its net income by 61.8% to UAH 1 billion 743.7 million.
