Business news from Ukraine

UKRGAZVYDOBUVANNIA SEES NET PROFIT RISE

JSC Ukrgazvydobuvannia in January-March 2019 increased its net profit by 3% (UAH 222.065 million) compared to the same period last year, to UAH 7.546 billion.
According to the report on the company’s website, its net income for the first quarter increased by 21% (UAH 3.924 billion), to UAH 22.609 billion, gross profit by 5.7% (UAH 543.67 million), to UAH 10.150 billion.
As reported, Ukrgazvydobuvannia in 2018 reduced its net profit by 11% compared to 2017, to UAH 27.135 billion (about $1 billion). Its net income for 2018 increased by 5.2%, to UAH 78.970 billion, while gross profit decreased by 8.8%, to UAH 38.368 billion.

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GLOBALLOGIC SEES 32% RISE IN REVENUE IN UKRAINE

IT company GlobalLogic Ukraine in 2018 saw a 32% rise in revenue, which is higher than average growth, the company has said.
“Ukraine occupies an important place in the regional structure of companies. In the past calendar year, GlobalLogic’s revenue in Ukraine grew by 32%, while the local IT market is growing by an average of 20-25% per year. Similarly, our profit increased, which we do not derive from the country, and fully use for business development in Ukraine,” Managing Director of GlobalLogic in Central and Eastern Europe Ihor Beda said.
According to him, the company expects that further consolidation of efforts in Central and Eastern Europe will increase the growth of the company’s performance and investment opportunities in the region.
Following the results of the past fiscal year (April 1, 2018 – March 31, 2019), the business of the GlobalLogic group of companies in Central and Eastern Europe grew by 27.6%. At the same time, the region accounts for 46.6% of the total revenue of the group of companies in the past financial year.
“Within the region, which includes 13 engineering centers in Ukraine, Poland, Slovakia and Croatia, only last year the group of companies invested $1.5 million in professional development and training of local specialists. A significant part of these investments falls on engineering talents in Ukraine,” the company said.
As reported, GlobalLogic is consolidating its business by combining 13 local development centers in the single region of Central and Eastern Europe, which will be headed by senior vice president of the company Ihor Beda, who has been the GlobalLogic Managing Director in Ukraine since 2014.
GlobalLogic Ukraine is the largest software developer in Ukraine. It has offices in Kyiv, Kharkiv, Lviv, and Mykolaiv.

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OVOSTAR SEES 39% FALL IN NET PROFIT IN Q1 2019

Ovostar Union, one of the leading egg and egg products producer in Ukraine, in January-March 2019 saw $4.5 million in net profit, which was 38.7% more than a year ago.
According to a company report on the Warsaw Stock Exchange (WSE), revenue fell by 8%, to $31.14 million. This is linked to the decrease in the egg and egg products prices.
Gross profit in January-March fell by 30%, to $7.82 million, and operating profit – by 47.4%, to $4.57 million.
Export sales over the period grew by 24.8%, reaching $18.02 million. The share of export grew from 43% to 58%.
Earnings before interest, taxes, depreciation and amortization (EBITDA) fell to $5.4 million ($9.5 million in January-March 2018).
“The first quarter of 2019 proved to be challenging for the egg industry due to the reduction of selling prices both on local and export markets. With regard to the unfavorable market situation, the management believes that the results achieved by the company in the reporting period are quite satisfying,” CEO Borys Bielikov said.

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MOLOKIYA DAIRY PRODUCER SEES UAH 42.9 MLN NET PROFIT

PrJSC Ternopil Dairy Plant (the Molokiya brand) in 2018 received UAH 42.9 million of net profit, which almost corresponds to the result for 2017.
According to the company’s annual report, the net income for 2018 amounted to UAH 1.8 billion (18% up), gross profit to UAH 416.4 million (41% more). Current liabilities of the company rose to UAH 160.55 million (32% more), long-term liabilities to UAH 175.9 million (7% more).
According to the report, in 2018 the company produced 56,000 tonnes of dairy goods, including 25,400 tonnes of milk, 11,100 tonnes of kefir, 6,600 tonnes of sour cream, 5,300 tonnes of yogurt and 3,100 tonnes of butter, as well as 2,000 tonnes of cheese and casein.
The company last year invested UAH 25.8 million in non-current assets, of which UAH 23 million is investment in equipment.
According to the company’s website, the owner of the controlling stake in the plant is businessman Vitaliy Kovalchuk, who directly and through affiliates owns 51.2%.
PrJSC Ternopil Dairy Plant was founded in 2000. It produces goods under the brand Molokiya, exports butter to Saudi Arabia, Morocco, Georgia, Turkey, and Kuwait.

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A-BANK SEES NET PROFIT RISE BY 45.4%

The net profit of JSC Aktsent-Bank (A-Bank, Dnipro) in January-March 2019 amounted to UAH 93.885 million, which is 45.4% more than in the same period of 2018, according to a quarterly report of the bank.
According to the report posted on the website of the financial institution, net interest income in the first quarter of this year decreased by 42.1% compared with the corresponding period of 2018, to UAH 294.278 million.
The bank’s assets grew by 8.1%, to UAH 5.24 billion, in particular loans to customers by 9.4%, to UAH 3.802 billion.
Since the beginning of the current year, liabilities of the bank have increased by 7.4%, to UAH 4.234 billion, net worth by 11%, to UAH 1.007 billion.
Charter capital in the first quarter remained at the level of UAH 323.191 million.
Accent Bank was founded in 1992.

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UKRAINIAN ENTERPRISES RAISE PRETAX PROFIT BY 23.6% IN 2018

Enterprises and organizations in Ukraine in 2018 raised profit from ordinary activities before taxation by 23.6%, to UAH 353 billion, while in 2017 the figure was UAH 285.6 billion, according to the State Statistics Service of Ukraine.
According to the service, in 2018, profitable Ukrainian enterprises received UAH 579.96 billion of profit, which is 4.1% more than in 2017.
At the same time, 22.9% of enterprises posted a negative financial result. Their losses in 2018 decreased by 16.4% compared to 2017, to UAH 227 billion.

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