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Researches 6 September 2023

Ukrainian Companies in the Top 1000: business groups, risks and record revenue changes in 2022

 Ukrainian Companies in the Top 1000: business groups, risks and record revenue changes in 2022

YouControl R&D centre analysts have analysed the companies among the Top 1000 Ukrainian companies that received the highest revenue in 2022 for their affiliation with financial-industrial groups and their ties with the Russian Federation and other countries. Analysts also examined changes in these companies' revenues compared to 2021.


Key findings:

  • Most companies in the Top 1,000 by revenue in 2022 have ties to financial-industrial groups. In particular, System Capital Management (46) and Smart Holding (23), among others; 

  • Half of the Top 20 companies by revenue are directly or indirectly controlled by the state;

  • Revenue increased for 52% of the Top 1,000 companies, but 43% experienced a decrease in revenue;

  • Among the companies that increased their revenues 10 times compared to 2021 are Tviy Gaszbut gas supplier, Berehivske HPP, Teka Petroleum, and others;

  • Despite sanctions and Russian aggression, 4 Ukrainian companies maintain business ties with Russia and 2 with Belarus.


Top 20 companies by revenue in 2022


This year, in April, the State Statistics Service released companies' financial statements for 2022. According to the processed data, the list of the Top 20 companies that received the most revenue last year looks like this:




Seven companies out of the above Top 20 managed to improve their revenue in 2022 compared to 2021. Among five of them, revenue growth was over 40%.


According to the overall statistics on the change in the revenue of 1,000 of these companies, about 52% improved their results. Revenue for more than 43% of companies in 2022 was lower than in 2021. The rest of them kept their revenue level the same in 2022. 


A little over 9% of companies, despite a 50% or more decline in revenue last year, were still among the most profitable. Among them is PJSC AZOVSTAL IRON & STEEL WORKS, which in the spring of 2022 became a stronghold of resistance in the now-occupied Mariupol. 


Some of the thousand (slightly more than 2% of the total number of companies) managed to increase their sales more than tenfold compared to 2021:


  • TVIY GASZBUT LLC, a gas supplier to households, whose beneficiary is Dmytro Firtash, co-owner of Group DF

  • BEREHIVSKE HPP LLC, a part of the Ukrainian Agrarian Holding. One of the co-owners of the holding is Ihor Pukshyn, a former Deputy Head of the Secretariat of the President of Ukraine Viktor Yushchenko (2006-2009).

  • TEKA PETROLEUM LLC, a fuel wholesaler in the Odeska oblast, whose beneficiary until November 2020 was a Russian citizen, Timur Salamov.


Russian and Belarusian trace and ties with other countries


8 companies from the Top 1,000 largest in terms of revenue in 2022 have relevant ties with Russia, Belarus and China.


At the same time, 6 Ukrainian companies, according to the Russian Unified State Register of Legal Entities, are co-owners of companies in Russia. 

Slightly more than 7% of the companies are part of a holding (group) whose other member is registered under the laws of the Russian Federation. Thus, despite Russia's armed aggression against Ukraine and the imposition of sanctions, international companies continue to do business with the aggressor state.

As a reminder, cooperation with counterparties with direct, indirect, hidden, or any other ties with Russia is risky. Businesses must carefully check their partners, as they may expose themselves to sanctions, fines, and other legal problems, not to mention significant reputational risks. The YouControl system automatically identifies potential risks of cooperation with such companies, in particular, using a number of factors in the Express Analysis.


Business empires and affiliation with FIGs


More than half of the Top 1,000 companies by revenue are part of financial-industrial groups added to the YouControl analytical system. 551 companies are part of 281 groups. Some companies belong to several groups at the same time, and some financial-industrial groups include several dozen companies from the list.

  • According to the State Statistics Service of Ukraine, System Capital Management is the leader in the number of related companies (46) in the Top 1,000 by revenue. The owner of the Group of companies is the richest Ukrainian man, according to Forbes Ukraine, Rinat Akhmetov. 

  • 23 companies on the list belong to the Smart Holding of former Ukrainian member of parliament Vadym Novynskyi. Some of them are also part of SCM. In early 2023, according to the Group's official website, Smart Holding restructured, i.e. changed its ownership. Smart Holding's founder Vadym Novynskyi decided to transfer its assets to a trust as part of the restructuring. There were corresponding changes in the ownership structure of Ukrainian companies of the Group – 5 Cypriot residents became the beneficiaries. In April of this year, the Security Service of Ukraine conducted searches at the office of Smart Holding Investment Group and the enterprises of the Smart Energy business as part of criminal proceedings. In early May 2023, Vadym Novynskyi was restored as the ultimate beneficiary of Smart-Holding Group companies.

  • 19 of the Top 1,000 companies are affiliated with Privat FIG, controlled by businessmen Ihor Kolomoisky and Hennadiy Boholyubov. The exact number of companies belong to Dmytro Firtash's DF Group.

  • 13 companies in the sample are owned by Yuriy Kosiuk's Myronivsky Hliboproduct agricultural holding MHP

  • Energy Standard, controlled by Konstantin Grigorishin, covers 14 companies of this financial-industrial group.

  • 11 companies are part of the SP Advisors investment group, which became the owner of several companies previously part of Oleh Bakhmatiuk's UkrLandFarming group due to UkrLandFarming's debt restructuring. The exact amount is in the VS Energy group, which the media associates with Russian oligarchs (Alexander Babakov, Evgeny Giner and Mikhail Voevodin) under sanctions in Ukraine. The VS Energy group, in particular, includes 9 companies operating in the energy sector. In addition, VS Energy has two companies in the gambling market that have licenses from CRGL. YouControl reported this in its exposé Ukrainian gambling business. An extensive analysis of companies.


A financial-industrial group is a large group of enterprises that can include even hundreds of companies. That is why it is crucial to check them when cooperating. In turn, you should implement compliance procedures in your FIG. After all, financial-industrial groups generally face the same compliance risks as ordinary companies. These are primarily the risks of legal sanctions, financial losses or loss of reputation due to non-compliance with Ukrainian legislation and due diligence in cooperating with counterparties. The main difference is only in the business scale and that risky relationships between group companies are much more difficult to terminate, which sometimes exacerbates the problems.



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