Business news from Ukraine

Heating boiler manufacturer Mayak will pay UAH 2.2 thousand in dividends per share

In the period from July 25 to October 25 of this year, the manufacturer of heating boilers JSC Mayak Plant (Zmiiv, Kharkiv region) plans to pay dividends to shareholders based on the results of 2023 in the amount of UAH 2.195 thousand per share (nominal value of UAH 1 thousand).

The relevant information is contained in the published agenda of the company’s general meeting of shareholders scheduled for April 23.

The announcement does not specify the amount of net profit received by Mayak Plant JSC in 2023, but according to the Clarity-project resource, it amounted to UAH 4.613 million, down 2.6 times over the year.

According to the company, last year it paid dividends based on the results of 2022 in the amount of UAH 2,896 thousand per share.

The authorized capital of the company is UAH 210 thousand, divided into 210 shares.

According to the National Securities and Stock Market Commission (NSSMC), as of the third quarter of 2023, 52.381% of the shares of Mayak Plant JSC are owned by CEO Oleksiy Mushtay, and 14.2857% each by Tatyana Samusenko and Zoya Garagata.

The Mayak plant was established in 1991 and produces household heating appliances under the Mayak brand.

According to Clarity-project, the company’s net income in 2023 decreased by 23.5% compared to 2022, to UAH 69.8 million.

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“Energoatom” has registered share issue for UAH 306 bln

On February 21, 2024, NNEGC Energoatom received a certificate of registration of a share issue worth more than UAH 306 billion.

“On February 21, 2024, the company successfully and on time overcame the next stage of corporatization: a certificate of registration of the issue of shares, 100% of which will belong to the state of Ukraine, was received,” the company said on its Telegram channel on Friday.

According to NNEGC, this step is extremely important, as it emphasizes the commitment to implement open corporate standards and transparency in the company’s management.

“The certificate of registration of the share issue makes it possible to attract new investments and increase investments in the energy sector,” Energoatom emphasized.

As reported, on December 29, 2023, the Cabinet of Ministers decided to establish Energoatom, a joint-stock company with 100% state-owned shares.

In January 2024, the state registration of Energoatom took place and the company’s charter was registered.

“Energoatom is the operator of four nuclear power plants: Zaporizhzhya, Rivne, South Ukraine and Khmelnytsky, which operate 15 nuclear power units with a total capacity of 13.8 GW, covering about 55% of Ukraine’s electricity needs.

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Dnipropetrovs’k Arrow Plant increased its net profit by 52% and will pay UAH 440 in dividends per share

According to preliminary data, Dnipro Arrow Plant JSC (DnSZ, Dnipro) ended 2023 with a net profit of UAH 510.86 million, up 52% year-on-year in 2022.

According to the information published in the NSSMC’s information disclosure system on the agenda of the general meeting of shareholders of DnSZ on March 25, retained earnings at the beginning of this year amounted to UAH 1 billion 682 million, compared to UAH 1 billion 810 million a year earlier. Net income per ordinary share (par value UAH 10.5) amounted to UAH 2 (UAH 1.32 a year earlier).

The agenda of the meeting includes the issue of distribution of the net profit: according to the draft decision, UAH 112.006 million (or about 22% of the profit) is to be allocated to the dividend fund at the rate of UAH 440 per share, while the remaining profit of UAH 398.08 million is to be left undistributed.

As reported, based on the results of its activities in 2022, SESP allocated UAH 140.008 million, or 42% of the net profit at the rate of UAH 550 per share, leaving UAH 195.78 million undistributed.

At the same time, the planned shareholders’ meeting on March 25 intends to amend the distribution of profits for 2022, stipulating that UAH 101.82 million of retained earnings (UAH 195.78 million) will be allocated to the dividend fund to pay UAH 400 per share, and UAH 93.96 million will be left undistributed.

According to the publication, the shareholders at the meeting, in particular, intend to rename the company into Dnipro Switch Plant JSC (instead of Dnipropetrovs’k) and amend its internal regulations.

According to DnSZ, in 2023, its current liabilities increased by 89% to UAH 344.79 million, while its long-term liabilities increased by 73.8% to UAH 170.05 million.

Total accounts receivable for the year increased by 92% to UAH 427.96 million, inventories by 24% to UAH 484.65 million, and total assets by 27% to UAH 2 billion 656 million. DnSZ produces various types of turnouts for mainline and industrial transport and subways.

According to the NSSMC, as of the third quarter of 2023, 20.154% of DnSZ shares are owned by Johnen Capital Limited (Cyprus), 5% are owned by Dnipro City Council member Zahid Krasnov, his sons Ruslan and Artem own 10% and 11.228% of shares, respectively, and another 18.2959% are owned by Israeli citizen Victoria Korban (sister of businessman Gennadiy Korban – IF).

Among the shareholders who own more than 5% of the shares of DnSZ JSC are also the chairman of the board Sergiy Taranenko (almost 10%), Iryna Taranenko (8.658%), and CFO Valeriy Kryachko (7.3%).

As reported, in 2022, the plant slightly reduced its net profit by 2021 to UAH 335.8 million, while net income fell by a third to UAH 1 billion.

In the first half of 2023, the plant reduced its net profit by 13.7% compared to the same period in 2022 to UAH 72.48 million, while net income increased by 47.6% to UAH 564.6 million.

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Kernel’s share price jumped by 20.7%

On Monday, shares of Kernel agricultural holding rose sharply on the Warsaw Stock Exchange (WSE) after almost a month of falling due to an additional share issue.

According to the WSE, as of 11:17 a.m. Kyiv time, their share price jumped by 20.74% to PLN7.66 ($1.76 at the current exchange rate), while after the announcement of the additional issue on August 22 and until Friday, September 15, it fell from PLN13.74 ($3.36) to a historic low of PLN6.34.

On Monday, a total of 203 deals were made with 40.08 thousand shares for almost PLN0.27 million.

Market participants speculated that the drop could have been caused by the need for index funds to sell shares, as Kernel’s shares were excluded from all indices after the additional issue and the drop in free float.

As reported, Namsen Limited, the majority shareholder and CEO of Kernel Agro Holding Andriy Verevsky, acquired 212 million 634,916 thousand shares during the additional placement among qualified investor shareholders for a total volume of 216 million shares. The purchase price was $0.2777 per share for a total value of $59.05 million, and the transaction was completed on September 1. The over-allotment shares will be kept in registered form and will not be admitted to trading on any stock exchange, Kernel said. Prior to the placement, 84 million 31.23 thousand shares were in circulation.

Earlier this year, Verevsky increased his stake from 41.3% to 74.05%, or 62 million 222.46 thousand shares, as part of the share buyback and the announced delisting of the agricultural holding from the Warsaw Stock Exchange: On May 12, he bought back 30 million 248,449 thousand shares at a price of PLN18.5 per share (approximately $4.47 at the then exchange rate), which brought the total buyout price to approximately $136.1 million, while the company’s IPO in 2007 was held at a price of PLN24.

Taking into account the dilution and the fact that another 7.86% of the shares were owned by the issuer itself, the total number of shares owned by Verevsky reached 274 million 857.38 thousand, which, taking into account treasury shares, gives him almost 93.7% of the votes.

The company is currently awaiting the Polish regulator’s verdict on its delisting application, which is opposed by a number of minority shareholders.

Prior to the war, Kernel was the world’s largest producer of sunflower oil (about 7% of global production) and a major exporter (about 12%). It is one of the largest producers and sellers of bottled oil in Ukraine. It is also engaged in the cultivation and sale of agricultural products.

Kernel’s net profit for the first nine months of FY2023 (July 2022 – March 2023) increased by 36% to $437 million, while revenue fell by 45% to $2.715 billion.

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Zmiyev plant Mayak will pay out UAH 2.896 thousand in dividends per share

May May Mayak plant (Zmiev, Kharkiv oblast), a producer of central heating boilers, will pay out dividends for 2022 in the amount of UAH 2.896 thousand per one share with a par value of UAH 1 thsd during May 25 – October 25 of this year.
According to the company message in the information disclosure system of the National Securities and Stock Market Commission (NSCM), this was decided by a general meeting of shareholders on April 25.
According to the company, it ended the year 2022 with a net profit of UAH 12.16 mln, while a year earlier it amounted to UAH 0.46 mln. Only UAH 608,16 thousand were directed for payment of dividends.
The registered capital of JSC “Mayak plant” is 210 thousand UAH, which is divided into 210 shares. The net profit per one common share in 2022 amounted to 57,91 thousand UAH.
According to the Commission for the fourth quarter of 2022, 52,381% of the shares belongs to its director Alexei Mushtay, Tatiana Samusenko and Zoya Garagata own 14,2857% each.
According to the information on the web-site of the company, it was founded in 1991 and is one of the leading domestic manufacturers of household heating equipment (solid fuel, gas, electric boilers, radiators), designed for heating individual houses, apartments and industrial facilities.
The plant has 30 regional offices in Ukraine.
According to the resource opendatabot, in 2022, the company’s net income grew by 27.2% YoY, to 91.22 mln hryvnia.

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CABINET INTENDS TO INCREASE SHARE OF LOW COST ROUTES IN UKRAINE

The Cabinet of Ministers of Ukraine intends in the next five years to increase the share of low cost air routes from Ukraine from 38% to 63%.
Such plans are contained in the government’s program (draft resolution No. 2186), posted on the parliament’s website.
According to the text of the program, for the specified period, the government intends to create conditions for a 60% increase in passenger traffic from Ukrainian airports from 20 million to 32 million people a year, as well as for increasing freight traffic from airports by 20%, from 94,000 tonnes to 112,000 tonnes per year.
In addition, the Cabinet also plans to stimulate the formation of an approximate average ticket price to the level of the average European indicator and increase the air mobility of the population by 10%, from 5% to 15%.
As reported, in January-August 2019 Ukrainian airlines transported about 9.226 million passengers, which is 10.7% more compared to the same period in 2018.

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