Kings of Ukrainian state tenders

March 24, 2024

In 2023, the turnover of Avtomagistral-Pivden was UAH 8.2 billion, and the net profit was UAH 625 million.

According to the data of the official financial statements of the company Automagistral-Pivden - the largest contractor of Ukrainian Big Construction state program, which was implemented in Ukraine in the years before the full-scale invasion - the company's revenue for 2023 amounted to UAH 8.2 billion, which is just 8.5% higher than in 2022 and 64 % less than in 2021.

As a reminder Automagistral-Pivden revenues largely grew in 2020, when the company significantly increased its participation in state tenders, primarily for road construction (according to Forbes, in 2020 Automagistral-South won 31% of all road tenders for 30.3 billion UAH - more than the next three winners combined).

If in 2019 the company's turnover amounted to UAH 6.3 billion, in 2020 it was almost UAH 17 billion. The dynamics of sales in recent years looked as follows:

Avtomagistral Pivden revenue turnover 2023

As for profits, in 2023 the net profit of the company was 625 million UAH, in 2022 - 242 million UAH. It is interesting that, despite the decrease in sales as a result of a significant reduction in spendings for Ukrainian infrastructure development after the beginning of Russian aggression in February 2022, the profits of Avtomagistral-Pivden remained at the level before the invasion - in 2021 the company's net profit was about UAH 400 million, in 2020 - UAH 634 million.

In the structure of the company's assets as of December 31, 2023, we note the presence of inventories and unfinished production in the amount of UAH 4.5 billion and cash in the amount of UAH 5.7 billion. Sources of financing - equity in the amount of UAH 2.7 billion, accounts payable (UAH 6.1 billion) and other current liabilities (UAH 7.7 billion). There are almost no bank loans in the company's balance sheet.

The official owner of the company is businessman Oleksandr Boyko (according to unconfirmed information, he has close relations with mayor of Odesa Gennady Trukhanov).

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