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group is led by Ukrnafta, which increased its revenue by 130% to ₴95.17B (26% of the top ten's total revenue). Last year's leader, Ukrgazvydobuvannya, moved to second place. However, despite an increase in revenue by 9%, its net profit decreased by 95% to ₴3.14B. Also, 41% of total revenue is accounted for by six SCM companies with ₴149.67B. Five of them reported ₴32.35B in net profit. Only Central GOK suffered a loss of ₴1.33B, while the revenues of Northern GOK immediately increased by 44%. The rating also included two Ferrexpo AG companies (Poltava and Yeristiv GZK). Their combined revenue decreased by almost 33%, but their combined profit was ₴970.7M. In total, nine out of ten companies were profitable, totaling ₴62.11B, while only six were profitable in 2022.
9.1.12 Other sector news
Ukrainian cement enterprises increased their production by 46% and have almost reached pre-war indicators. Companies belonging to the Ukrcement association in January-March 2024 increased cement production by 46.3% compared to the same period in 2023, up to 1.477 million tons of cement. The first quarter’s indicator practically equaled the first quarter indicator from the pre-war year 2021, when the volume of cement produced was 1.56 million tons.
American defence giant Northrop Grumman will launch ammunition production in Ukraine. The American defence corporation Northrop Grumman plans to create production facilities for medium-caliber ammunition in Ukraine. This results from a state-funded Ukrainian government project and approval from the US government. Medium caliber ammunition is standard for many combat vehicles and anti-aircraft anti-drone systems. These projectiles can be manufactured in different versions including armor-piercing and high-explosive fragmentation with programmed detonation. The company also announced its plans to expand the production of medium calibers and start production of tank and 155-mm artillery ammunition. It is emphasized that the Ukrainian government is currently investing $2B in the defence industry, which has become a key factor for Northrop Grumman. Northrop Grumman is the world's third-largest defence company in terms of revenue, with about $32.5B annually.
112 UKRAINE Country Report July 2024 www.intellinews.com