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UMCC increases revenue, gross profit by over one third in Jan-Aug

KYIV. Sept 13 (Interfax-Ukraine) – PrJSC United Mining and Chemical Company (UMCC), which manages Vilnohirsk Mining and Metallurgical Plant (Dnipropetrovsk region) and Irshansk Mining and Processing Plant (Zhytomyr region), in January-August this year increased revenue by 35.8% compared to the same period last year, to UAH 2.68 billion.

According to the company, over eight months, its gross profit amounted to UAH 839 million, which is 37.3% more than the same period last year.

Profit from operating activities increased by 37.2%, to UAH 473.1 million, and EBITDA – by 32.9% (by UAH 149 million), to UAH 602.2 million.

The growth rate of profitability for core activities is 1.1%.

"The growth of financial indicators was influenced by an increase in the percentage of shipment of finished products and a balanced pricing policy," Yehor Perelyhin, UMCC chairman, said.

The United Mining and Chemical Company began its actual activity in August 2014, when the government of Ukraine decided to transfer the property complexes of Vilnohirsk and Irshansk plants under its management.

In August 2016, the government assigned UMCC to the list of companies subject to privatization in 2017. Its terms were postponed several times, most recently due to the coronavirus crisis and quarantine.

UMCC sells its products to more than 30 countries of the world and is one of the world’s largest producers of titanium raw materials, occupying 4% of the world market. The main sales markets are the EU, China, Turkey, as well as the United States and African countries.

Among the financial conditions of the privatization tender is invest at least UAH 400 million in the modernization of the enterprise. Among other conditions: not to lay off workers for six months and provide social guarantees to workers, provide water to municipal enterprises-consumers.

The date of the repeat privatization auction is October 29, 2021. The starting price is UAH 3.7 billion, the auction step is UAH 50 million.