Ukrspetsexport boosts net revenue 10 times over 9 months of 2022

MOSCOW. Nov 3 (Interfax) - The Ukrspetsexport state company for the imports and exports of military and special services posted net revenue of UAH11.479 billion in January-September 2022, or almost ten times more than in the respective period of 2021.

An intermediate financial statement published by the company in the disclosure system of the National Securities and Stock Market Commission of Ukraine indicates that net profit dipped 45.4% to UAH22.21 million, the Ukrainian media said.

The company earned UAH85.48 million from business operations, up 22%, while gross revenue increased by 5.5% to UAH558.14 million.

In the first quarter of this year, net revenue of Ukrspetsexport fell 3.7 times year-on-year to UAH124.66 million, while net profit grew 2.4 times to UAH 41.24 million.

At the same time, the company statement published in the system of the National Securities and Stock Market Commission says that Ukrspetsexport increased net revenue by more than seven times, as against January-June 2021, to UAH 5.496 billion, while net profit dropped 33.9% to UAH19.25 million.

Thus, net profit of the state company decreased by 3.9 times in the third quarter of the year, compared to July-September 2021, to UAH2.96 million, while net revenue grew 16 times to UAH5.983 billion.

The Ukrainian government temporarily withdrew Ukrspetsexport and its two subsidiaries, the Progress specialized foreign trade company and the Spetstekhnoexport foreign trade enterprise, from Ukroboronprom and placed them under control of the Defense Ministry in March of this year.

In 2021, the state company's net profit dropped 2.2 times year-on-year to UAH122.28 million, while net revenue grew 2% to UAH2.015 billion.

The company had 427 workers in its employ at the beginning of this year.