Forests of Ukraine earns UAH 11.14 bln in H1 2024
The state enterprise Forests of Ukraine earned UAH 11.14 billion in January-June 2024, which is significantly more than in the same period in 2023, said the general director of the enterprise, Yuriy Bolokhovets.
“The lack of in-house processing was fully compensated by an increase in sales of unprocessed wood by 15%,” he wrote on Facebook.
Bolokhovets also noted that the state-owned enterprise also got rid of significant subsidized assets, which the State Property Fund sells through ProZorro. Maintaining non-core assets for years only drained the company's funds, he explained.
“As a result, we expect a significant increase in the company’s profit. It’s too early to talk about specific figures, but this is an addition of hundreds of millions of hryvnia to last year’s figure,” the general director emphasized.
Such decisions allowed Forests of Ukraine to increase the salaries of lower-level forest workers, as well as to increase social guarantees for demobilized employees, of whom the company already has more than 500.
In addition, the state-owned enterprise was able to increase prices for contractors’ work and increase expenses for the Armed Forces of Ukraine.
“The reform has changed everything. The state enterprise Forests of Ukraine has switched to a model of market wages and transparent conditions for organizing production,” summed up its general director.
According to the Opendatabot service, in general, the profit of Forests of Ukraine in 2023 amounted to UAH 2.8 billion.