The leaders of the extractive industry earned 13% more in 2023

The total revenue of the leaders in the extractive industry amounted to 365.26 billion UAH in 2023, according to the Opendatabot Index. This is even 11% more than before the start of the full-scale war.

Leading this year’s Index is the state-owned “Ukrnafta”, which increased its revenue by 2.3 times in 2023, reaching 95.17 billion UAH. This represents 26% of the total revenue of the top-10 extractive industry companies. Moreover, “Ukrnafta” also achieved the highest profit among all top-10 companies, amounting to 25.74 billion UAH.

Last year’s leader, the company “Ukrgasvydobuvannya”, moved to second place. Despite increasing its revenue by 9%, its net profit decreased 19 times to 3.14 billion UAH in 2023. The primary activity of “Ukrgasvydobuvannya” is the extraction of natural gas.

Overall, these two state-owned companies earned half of the total revenue of the extractive industry leaders: 189 billion UAH.

An additional 41% of the revenue among the leaders was shared by six companies of the SCM Group, owned by Rinat Akhmetov, totaling 149.67 billion UAH. Five of these companies recorded a net profit of 32.35 billion UAH. Only the Central GOK incurred losses amounting to 1.33 billion UAH.

Among the SCM Group companies that increased their revenue in 2023, noteworthy are the Northern GOK (+44%), the Concentrating Factory Sviato-Varvarynska (+32%), and the Colliery Group Pokrovs’ke (+14%). Meanwhile, the revenues of Naftogazvydobuvannya and the Central GOK decreased by 35% and 31%, respectively, and DTEK Pavlohradcoal saw a 6% decline.

The Index also includes two companies from FERREXPO AG, associated with Kostyantyn Zhevago. Their combined revenue for 2023 decreased by nearly a third compared to 2022: Poltava Mining by 33% and Yeristovo Mining by 32%. However, these two companies managed to achieve a combined profit of 970.7 million UAH.

Overall, nine out of the ten companies that made it to the Index managed to secure profits last year, totaling 62.11 billion UAH. In comparison, only six out of ten companies were profitable in 2022.

Companies That Dropped Out of the Top-10

This year, the following companies did not make it into the Opendatabot Index: Inhulets Mining and Processing Plant, its revenue decreased by 32%., and Ukrnaftoburinnya (-38%). This company, previously part of Ihor Kolomoyskyi’s group, saw its revenue drop by 38%. It has since been transferred to state ownership by court decision and is now managed by “Ukrtnafta”.