Revenues of the mining industry of Ukraine in 2024 increased by 27.8% and amounted to UAH 639.4 billion, which is the highest figure since the beginning of the full—scale war, such data was published by VKURSI Market BI, a market analysis service based on data from state registers.
"compared to 2023, the market grew by 27.8% (UAH 500.1 billion). And in 2023, on the contrary, the industry lost 12.8% of its revenue compared to 2022, when it amounted to UAH 573.3 billion," according to the results of the study, which was based on the analysis of data from 4,799 registered companies in the industry.
It is noted that in 2024, the profit of the mining industry reached UAH 119.6 billion, which is twice as much as a year earlier (UAH 56.8 billion). Thus, the sector not only compensated for the previous decline, but also exceeded the level of 2022 by 38.1%, when the profit amounted to UAH 86.6 billion.
VKURSI clarified that the study covers companies that are actually registered under the CED, which indicate activity in the mining market. Among them are enterprises engaged in the extraction of hard and brown coal, crude oil and natural gas, metal ores, other minerals, as well as the development of quarries. Companies providing support services in this area are also taken into account.
The authors of the report note that the Cabinet of Ministers, at the initiative of the Ministry of Energy, clarified the requirements for the reports of mining companies. In particular, from now on they must report on the ultimate beneficial owner, as well as indicate his belonging to the category of politically significant persons, this decision complies with international corporate governance standards, in particular the requirements
Extractive Industries Transparency Initiatives (EITI). Thus, in 2024, 8 of the 50 most profitable companies in the industry had connections with national public figures or persons associated with them.
According to the study, the key role in the industry is played by the state, which is represented by two of the most profitable companies in the industry: Ukrgazvydobycha JSC, with a profit of UAH 52.69 billion in 2024, and Ukrnafta JSC, with a profit of UAH 20.91 billion.
At the same time, the market remains diversified: 28 of the 50 most profitable companies have foreign capital. Companies from the Netherlands (13 companies) and Cyprus (8 companies) are the most actively represented in the ownership structure, and 7 out of 50 companies are registered offshore according to the Cabinet's list.
VKURSI claims that 4 out of 50 companies have a remote connection with Russia or Belarus, for example, due to the shareholder status of other companies, which also include shareholders from these countries, 3 out of 50 companies have data matching the founders and beneficiaries with persons included in the NSDC sanctions lists.
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