JSC “NAEK ”Energoatom” will be profitable in all three scenarios during 2025-2028, with profits in 2028 expected to be twice as high as in 2026-2027, due in particular to the expected rise in electricity prices.
This forecast is contained in the annual information on fiscal risks prepared by the Ministry of Finance of Ukraine based on data from 12 state-owned companies as part of the adoption of the 2026 state budget. Within the document, basic, alternative, and negative scenarios are modeled for each company based on macroeconomic scenarios for the development of Ukraine’s economy.
“Net revenues from NAEK Energoatom to the state budget are expected in all scenarios and will grow as the company’s profitability increases,” the document says.
As noted by its authors, NAEK plans to build new power units in the long term and has plans in the medium term to attract sufficient debt financing to fund investments. However, construction will continue after the end of the medium-term period, and if such construction is financed through debt obligations, high costs are expected to increase the company’s obligations to a level that it may not be able to service.
“Fiscal risks may materialize if the government has to provide funding to cover part of these costs, or if the government has to service Energoatom’s debts,” the Ministry of Finance concluded.
Under the baseline scenario, Energoatom’s capital expenditures will average about UAH 59 billion per year from 2025 without budget financing, while expenditures on PSO for tariff compensation for the population will decrease by an average of 2.3% in the period 2026-2028.
In addition, the baseline scenario assumes an average increase in electricity prices of 7.9% per year, as well as a slight decrease in the company’s electricity production in 2026-2027, followed by an increase in 2028.
As the Ministry of Finance noted, NAEK received a net profit of UAH 1.3 billion in 2024, compared to a loss of UAH 11.3 billion in 2023. Last year, the company demonstrated a 35% increase in revenue due to a 33.5% increase in the weighted average price of electricity.
According to the results of 2024, the volume of PSO in Energoatom amounted to UAH 109.3 billion, or 53% of the company’s net income for that year.
Domobudivny Kombinat No. 4 (DBK-4, Kyiv), part of the Kyivmiskbud holding, reduced its net profit by 26% compared to 2023 to UAH 3.1 million in 2024.
According to the company’s annual report, published in the information disclosure system of the National Securities and Stock Market Commission (NSSMC), its net income increased by 27.7% to UAH 488.5 million.
DBK-4’s retained earnings at the end of 2024 amounted to UAH 134.2 million. The company’s current liabilities increased by 11.8% compared to 2023, to UAH 219.1 million, and long-term liabilities increased by 36.6%, to UAH 29.3 million. The value of assets at the end of 2024 increased by 7.7% and amounted to UAH 477.5 million.
According to the report, in 2024, the company completed the construction of one building with a total area of 28.7 thousand square meters for 432 apartments at 22 Konoplyanska Street in Kyiv (Navigator 2 residential complex). The commissioning of the next facility is planned for 2025, as well as the start of work on the construction sites of two buildings in Brovary.
According to the NSSMC, as of the second quarter of 2024, the shareholders of DBK-4 are Petro Shylyuk (39.89%), PJSC Holding Company Kyivmiskbud (30%), Yulia Kostyanova (6.2%), and Svitlana Lysenko (5.2%).
Ceramic brick manufacturer Rozdilsky Ceramic Plant (Rozdil, Lviv region) reduced its net profit by 17% compared to the previous year to UAH 5.39 million in 2024.
According to the company’s annual report, published in the information disclosure system of the National Securities and Stock Market Commission (NSSMC), its net income increased by 21.6% and reached UAH 99.7 million.
The PJSC’s undistributed profit at the end of 2024 amounted to UAH 4 million. The company’s current liabilities increased by 14.9% compared to 2023, to UAH 318.8 million, while there are no long-term liabilities. The value of assets at the end of 2024 grew by 15.4% and amounted to UAH 350.9 million.
As noted in the report, in 2024, Rozdilsky Ceramic Plant produced 14.2 thousand units of various types of bricks. At the same time, due to a decrease in brick consumption in the domestic market, rising energy prices, and power outages, the company only produced products for six months.
The total volume of the company’s exports last year amounted to UAH 23.8 million, or 18.53% of the company’s total sales. The plant supplied products to Romania and Moldova.
It is noted that the company does not plan to make significant investments in 2025 due to a shortage of funds and the high cost of credit resources.
Rozdilsky Ceramic Plant PJSC was registered in 2005. The company produces clinker and facing bricks under the Euroton trademark.
According to the National Securities and Stock Market Commission, as of the first quarter of 2025, 99.9% of the company’s shares are owned by Promquet Holdings Limited of Cyprus. According to Opendatabot, the ultimate beneficiaries are the co-owners of the Kontinium group, Sofia and Roman Yeremeyev, Stepan Ivakhiv, and Serhiy Lagur.
In January-June 2025, the IMC agricultural holding company received a net profit of $51.4 million, which is 39% more than in the same period last year ($21.5 million), according to a report published on the agricultural holding company’s website.
According to the financial statements, operating profit doubled to $54.7 million, and EBITDA rose 72% to $64.7 million. At the same time, revenue decreased by 22% to $83.9 million. Cost of sales decreased by 20% to $66.4 million, and selling expenses more than doubled (-58%).
The revenue structure in the first half of the year by crop was as follows: corn — $82.1 million (+25% y/y), sunflower — $0.9 million (-94% y/y), wheat — $0.5 million (-98% y/y), other crops – $0.5 million (-33% y/y). Thus, corn accounted for over 97% of the company’s revenue.
Profit before tax amounted to $52.3 million (+142% y/y).
IMK Agroholding is an integrated group of companies operating in the Sumy, Poltava, and Chernihiv regions (northern and central Ukraine) in the crop production, elevators, and warehouses segments. The land bank is 116,000 hectares, storage capacity is 554,000 tons, and the 2024 harvest is 864,000 tons.
IMK ended 2024 with a net profit of $54.54 million, compared to a net loss of $21.03 million in 2023. Revenue grew by 52% to $211.29 million, gross profit quadrupled to $109.10 million, and normalized EBITDA increased 25-fold to $86.11 million.
Ukrnafta JSC received a net profit of UAH 5.2 billion in January-June 2025, the company reported on Thursday.
“The company’s results are included in the condensed consolidated interim financial statements of Naftogaz of Ukraine JSC for the six months ended June 30, 2025,” the company said.
KPMG is conducting a review of these financial statements. As part of the audit, KPMG Audit carried out procedures to review Ukrnafta’s financial information.
“During the same period, Ukrnafta paid UAH 14.8 billion in taxes, fees, and customs duties to the state budget and transferred UAH 5 billion in dividends,” the company added.
As reported, Ukrnafta’s net profit for 2024 amounted to UAH 16.38 billion. At the same time, the company transferred UAH 5 billion in dividends to the state budget based on its performance in 2024.
Ukrnafta is Ukraine’s largest oil producer and operator of the national network of gas stations. In March 2024, it took over the management of Glusco’s assets and currently operates 545 gas stations.
The company holds 92 special permits for industrial development of deposits. It has 1,832 oil and 154 gas production wells on its balance sheet.
The largest shareholder of Ukrnafta is Naftogaz of Ukraine with a 50%+1 share. In November 2022, the Supreme Commander-in-Chief of the Armed Forces of Ukraine decided to transfer the company’s corporate rights, which belonged to private owners, to the state, and they are currently managed by the Ministry of Defense.
Ukrnafta’s net profit for 2024 was UAH 16.38 billion.
JSC “Dnipropetrovsk Aggregate Plant” (DAP, Dnipro) ended the first half of this year with a net profit of UAH 44.76 million, which is 18.1% more than in the same period of 2024.
According to the company’s financial report published on its website, net income increased by 59.6% to UAH 256.35 million.
The plant received UAH 60.31 million in operating profit (up 14.4%), and gross profit increased by 12.8% to UAH 92.69 million.
DAZ also published its financial report for the first quarter of this year, according to which net profit increased by 20% in January-March 2024, with net income growing by 41% to UAH 96.48 million.
Thus, in the second quarter of 2025, DAZ increased its net profit by 17.1% compared to April-June 2024, to UAH 29.22 million, and net income by 73.5%, to UAH 159.87 million.
DAZ notes that the main buyers of its products in the first half of the year were PP Lyon and NVO Aviagregat.
“Due to the difficult situation in connection with Russia’s occupation of territories, the company continued to experience a decline in the production of mining equipment during the reporting period (almost three times compared to the same period in 2024). However, the production of special-purpose products continued to increase, which made it possible to maintain positions and obtain a net profit,” the plant’s interim management report says.
DAZ is a company with many years of experience in the production of aviation equipment, as well as hydraulic equipment for mines and general-purpose products (fuel and other liquid pumps).
According to the company, in 2024, it reduced its net profit by 38.4% compared to 2023, to UAH 70.05 million, while its revenue fell by 20.8%, to UAH 277.5 million.
As reported, by decision of the shareholders, the net profit received in 2023 and 2024 will be directed towards the development of production.
