Ukraine's Obolon Brewery moves to profit in 2022, will invest it in development

MOSCOW. March 24 (Interfax) - Obolon, one of the largest beer producers in Ukraine, earned a net profit of UAH 1.451 billion, or $39.7 million, in 2022 compared to a net loss of UAH 130.82 million in 2021.

The company plans to use the profit for the development of production, while 2021's loss will be covered by retained earnings, Ukrainian media reported, citing the company.

The company's retained earnings for 2022 exceeded UAH 1.446 billion (an increase of 7.7 times during the year), and equity capital reached UAH 3.665 billion, an increase of 44.1%.

Long-term liabilities for the year decreased 7.5% to UAH 986.41 million, while current liabilities were down 35.7% to UAH 1.404 billion. Accounts receivable increased 45.9% to UAH 812.24 million.

The corporation produces beer, non-alcoholic and low-alcohol drinks, mineral water, and is the country's largest exporter of beer. The company owns its primary brewery in Kiev and a number of plants in other regions of the country.

The official exchange rate as of March 24 is UAH 36.57/$1.