The top 10 mining companies earned 14% less in 2022
Who among the market leaders increased their wealth in the first year of the full-scale war?
18 December 2023
In the first year of the full-scale war, the earnings of the top 10 mining companies decreased by 14%, according to the Opendatadot Index. Overall, the market leaders earned 295.15 billion hryvnias in a year. These are companies involved in extracting iron ore, natural gas, and coal. Six out of the ten companies belong to Rinat Akhmetov, and the leading company in the industry is the state-owned company - UkrGasVydobuvannya.
The leading mining companies earned 295.15 billion hryvnias. This is 14% less than in 2021 when these businesses earned 343.24 billion hryvnias. Almost half of the total income of the leaders comes from three companies engaged in natural gas extraction.
The leader of the top is the state company “UkrGasVydobuvannya” with earnings of 86.38 billion hryvnias. This makes up 29% of the total earnings of the top 10. However, compared to 2021, the company’s earnings dropped by 4%. It’s worth noting that 6 out of the top 10 companies belong to the SCM Group of Rinat Akhmetov. These enterprises received 54% of the total earnings of the top 10 companies, amounting to 159.57 billion hryvnias.
Three companies belonging to Akhmetov’s group increased their earnings and climbed in the ranking.
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Dtek Pavlohradcoal — their earnings grew by 1.8 times, securing the second position with 44.2 billion hryvnias.
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Colliery group pokrovs’ke — with earnings of 38.47 billion hryvnias, they earned 1.8 times more, rising to the third position in the ranking.
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Naftogazvydobuvannia — their earnings increased by a remarkable 2.3 times, reaching 35.99 billion hryvnias, placing them in the fourth position in the ranking.
Income for three more companies in the SCM group, engaged in iron ore mining, has significantly decreased compared to 2021:
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Northern iron ore enrichment works (pjsc northern gok) — their earnings reduced by almost 4 times, reaching 13.8 billion hryvnias.
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Inhulets Iron Ore dressing Works (InGZK) — their income decreased by more than 3 times, totaling 12.7 billion hryvnias.
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Central Iron Ore Enrichment Works (CGZK) — their earnings dropped by one-third, amounting to 14.3 billion hryvnias.
At the same time, Mining company Ukrnaftoburinnya, which used to be owned by Ihor Kolomoisky, Vitaliy Khomutynnyk, and Pavlo Fuks, now belongs to ARMA following a court decision. It entered the ranking in 2022, even though its earnings were 25% lower than in 2021, reaching 9.7 billion hryvnias.
The last two companies in the top list are involved in extracting iron ore and belong to the FERREXPO group (owned by Kostiantyn Zhevago). They reduced their earnings last year. Ferrexpo poltava mining saw a
| SCM | 159,572,410,000 | 54.1% |
|---|---|---|
| State-owned enterprises | 86,377,776,000 | 29.3% |
| FERREXPO | 39,484,964,000 | 13.4% |
| Privat Group | 9,712,051,000 | 3.3% |
The Opendatabot Index is a tool that helps understand the actual situation and locations of businesses in Ukraine. It uses information from government records, Opendatabot registers, financial reports of companies, details about connections with Russia, sanction lists, and other analytical tools from Opendatabot.
Source: Opendatabot
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