2024-04-18T17:35:00+03:00 Economy 2024-05-15T04:05:02+03:00

Ukrainian news

Ukrainian news

Ferrexpo posts loss of USD 85 million for 2023

Ferrexpo posts loss of USD 85 million for 2023

In 2023, Ferrexpo plc (UK), which controls Poltava Mining and Yeristovo Mining (both located in Horishni Plavni, Poltava Region), incurred a loss of USD 85 million, while the company ended 2022 with a profit of USD 220 million.

This is stated in the company's message on the London Stock Exchange, Ukrainian News Agency reports.

In 2023, Ferrexpo reduced revenues by 47.8%, or USD 596 million, to USD 652 million.

In 2023, compared to 2022, the company reduced EBITDA (Earnings before Taxes, Interest, and Depreciation) 5.9 times, or by USD 635 million, to USD 130 million, and capital investment by 31% to USD 101 million.

As Ukrainian News Agency earlier reported, in March a court imposed restrictions on the alienation of 49.5% of the shares of Ukrainian subsidiaries of the Ferrexpo Group, the majority shareholder of which is businessman Kostiantyn Zhevaho.

In January, the Court of Appeal confirmed the guarantee obligations for UAH 4.7 billion of the Poltava Mining and Processing Plant (Horishni Plavni, Poltava Region), which is part of the Ferrexpo Group of businessman Kostiantyn Zhevaho, for loans from the Finance and Credit Bank.

On September 17, 2015, the National Bank decided to classify the Finance and Credit Bank as insolvent.

At the time of this decision, the shareholder of the bank was Zhevaho, who indirectly owned 97.67% of the shares.

In 2023, Ferrexpo reduced the production of pellets year over year by 36.5% to 3.8 million tons.

In 2022, the company reduced its profit four times to USD 220 million, reducing its revenues twice to USD 1.25 billion.

The majority shareholder of the Ferrexpo group is businessman Kostiantyn Zhevaho.