[Summary translation prepared by Business & Human Rights Resource Centre]

United Mining and Chemical Company demonstrates paradoxical statistics based on the results of Q1 2024, 17 May 2024

In Q1 2024, JSC United Mining and Chemical Company reported a net profit of 30 million UAH, despite significant production halts and sharp output declines at its key enterprises. According to several media outlets, this apparent profitability may result from accounting manipulations intended to conceal losses and artificially boost financial performance. An analysis of OGHK’s official quarterly reports suggests that the reported profit did not come from core operations but rather from "other operating income"—including debt write-offs, reserve reversals, and penalties charged to contractors. This category totaled 209.2 million UAH, indicating that both the net profit and income were likely the result of accounting adjustments rather than actual production or raw material sales.