KZHRK increased tax payments by 2.9 times y/y in 2021

For 2021, Kryvyi Rih Iron Ore Plant paid 4 billion hryvnias in the budgets of various levels

Kryvyi Rih Iron Ore Plant (KZHRK) increased the payment of taxes and fees to the budgets of all levels of Ukraine by 2.9 times in 2021 compared to 2020 – up to UAH 4.008 billion. The company’s website’s data informs about it.

In 2021, the plant increased the payment of income tax by 3.3 times compared to 2020 – up to UAH 1.04 billion. The amount of the single social contribution’s (SSC) payments for 2021 increased by 19.5% y/y – up to UAH 384.1 million.

KZHRK increased the amount of paid personal income tax (PIT) in 2021 by 19.4% year-on-year – to UAH 322.5 million. The amount KZHRK paid for the use of subsoil for 2021 increased by 4.7 times y/y – up to UAH 1.29 billion.

In 2021, KZHRK paid UAH 4.33 million in environmental tax and UAH 53.4 million in land tax.

As GMK Center reported earlier, in 2020, KZHRK paid UAH 1.37 billion in taxes and fees to the budgets of all levels. Income tax amounted to UAH 318 million, VAT – UAH 321.4 million, personal income tax – UAH 270.1 million. UAH 274.7 million was paid for subsoil use.

Also, in 2021 KZRK increased its net profit by 2.37 times compared to 2020, to UAH 4.02 billion. The company’s net sales increased by 68.9% compared to the previous year, to UAH 11.16 billion.

In 2022, the plant expects to receive UAH 3.98 billion in net profit and UAH 12.42 billion in net sales.

Kryvyi Rih Iron Ore Plant is the largest producer of sinter ore in Ukraine. Most products are exported to Eastern Europe. The structure of the enterprise includes 4 mines. Balance reserves are 210 million tons of rich iron ore with an average iron content of 58.6%.