Economy 2020–2024:
Financial Performance of Ukrainian Enterprises
Introduction
The Corporate News Agency (CNA) presents a new analytical digest evaluating Ukraine’s economic development from 2020 to 2024.
It is based on aggregated data from over 2.15 million financial reports filed by Ukrainian enterprises during this period.
The digest provides analysis of all major companies across private, state, and mixed ownership.
Data are displayed as sector-specific snapshots tracking revenue, profitability, employment, and other key metrics.
Research Materials
Number of Financial Reports
The number of annual financial reports filed by Ukrainian companies over the past five years has fluctuated considerably.
The peak of 498 000 filings occurred in 2020. In 2021—the final pre-war year—submissions fell 16% to 421 000. The full-scale invasion in 2022, however, spurred entrepreneurial activity, lifting filings by 4.5% to 440 000.
Filings reached their lowest point in 2022, dropping almost 14% year-on-year and 29% below 2020 levels.
By 2024, activity began to rebound. Adaptation to new conditions increased filings to 407 000, a 5.2% rise over 2023—yet still 22% below the 2020 high and 3% under the 2021 benchmark.
Number of enterprises publishing annual financial reports as of 06.03.2025
Enterprise Distribution by Reporting Type
Enterprises, Small and Micro Businesses
Distribution by report type from 2020 to 2024 shifted markedly: small businesses constitute two-thirds of filings, micro-businesses one-third, and large enterprises under 5%.
Number of enterprises by report type publishing annual financial reports as of 06.03.2025
From 2020 to 2021, small and medium enterprises gained share while micro-businesses declined.
Over the last four years, micro-enterprises expanded from 114 000 in 2021 to 161 000 in 2024—a 12% increase.
This growth occurred at the expense of small businesses (–11.7%), while larger enterprises saw a marginal 0.4% drop (from 21 300 in 2020 to 16 000 in 2024).
Share of enterprises of the total count
Profitability Distribution
Profitable, Unprofitable, Neutral and Empty Reports
The market consolidated in 2023 as underperforming firms exited, allowing resilient companies to improve results. Consequently, profitable firms reached 48%, matching the pre-war 2021 high.
In 2024, the share of profitable firms dipped slightly despite absolute gains, signaling stabilization.
Empty reports—those with no operations—hit their lowest shares (5% in 2023 and 6% in 2024), roughly half of 2020 levels.
Loss-making companies also declined in number and as a percentage of filings.
Share of profitable, unprofitable and neutral companies 2020–2024
Statistics of profitable, unprofitable and neutral companies 2020–2024
Total Revenue from Product Sales
Product sales revenue rose consistently both before and during the full-scale invasion—up 33% in UAH from 2020 to 2021, and 45% between 2022 and 2024.
Dollar-denominated revenues followed a comparable trend.
Despite headwinds like conflict and currency volatility, enterprises sustained robust revenue growth.
Revenue change dynamics, UAH billions.
Revenue change dynamics, USD billions.
Revenue Trends by Sector
Enterprise Count and Revenue Volume
Year-on-year 2024 revenues peaked in trade (+UAH 6.5 trillion), manufacturing (+UAH 2.9 trillion), energy supply (+UAH 1.9 trillion), and agriculture (+UAH 1 trillion). Other sectors saw increases under UAH 1 trillion.
Enterprise counts remained largely stable, with a modest 4–12% drop in 2022. The “Other Services” sector lost 41% in 2024 before stabilizing.
By 2024, counts stabilized across all sectors.
Revenue change dynamics by sector, 2023–2024, UAH billions.
Revenue change dynamics by sector, UAH billions.
Total Net Profit
Net profit fell into negative territory in the war’s first year. In other years, profits rose—over UAH 800 billion pre-war and UAH 180 billion from 2023 to 2024.
The 2022 profit decline surpassed UAH 1.3 trillion.
Net profit change dynamics, UAH billions.
Net profit change dynamics, USD billions.
Net Profit Trends by Sector
Enterprise Count and Profit Volume
In the past two years, trade, services, and manufacturing led in profitable enterprise counts, while agriculture and other services trailed with minimal change.
By profit value, agriculture topped the list at UAH 168 billion in 2024 (2.5× increase), followed by trade at UAH 155 billion (versus 150 billion in 2023).
Manufacturing ranked third, growing over 10× from UAH 10.2 billion in 2023 to UAH 104.2 billion in 2024—a wartime anomaly influenced by losses at Mariupol steelmakers (UAH 68 billion in 2023) that other firms could not fully offset.
In 2024, manufacturing rebounded: revenues rose, and despite losses by Cherkasy’s Azot, the sector delivered UAH 104 billion in net profit.
Real estate recovered from a UAH 3.1 billion loss in 2023 to UAH 4.1 billion profit in 2024.
Transport and warehousing profits halved, and professional, scientific and technical activities declined by 1.5×.
The hotel sector swung from a UAH 4.2 billion profit in 2023 to a UAH 0.1 billion loss in 2024.
Construction profits of UAH 0.5 billion in 2023 turned into a UAH 3.6 billion loss in 2024.
Profits in trade, telecommunications, and healthcare remained broadly stable.
Net profit change dynamics by sector, 2023–2024, UAH billions.
Net profit change dynamics by sector, 2020–2024, UAH billions.
Companies with Net Profit over 1 Billion UAH
Companies reporting net profits over UAH 1 billion increased by 137 from 2020 to 2023, then declined by 104 in 2024.
Only 2022 saw negative totals; in all other periods—including the COVID-19 era and the full-scale invasion—net profits rose, demonstrating Ukrainian businesses’ agility in adversity.
Between 2022 and 2024, aggregate profits climbed by nearly UAH 3 trillion (USD 31 billion), a 29.4% increase in UAH and 12.4% in USD.
Enterprises with net profit over UAH 1 billion—profit amount (UAH billions) and count.
Enterprises with net profit over UAH 1 billion—profit amount (USD billions) and count.
Employment Trends
Employment grew by nearly 60 000 positions in 2021, the final pre-war year. Since then, job levels across most sectors have fallen, culminating in a 22% reduction—over 1.4 million jobs—by 2024.
Total number of employed persons at Ukrainian enterprises, million.
Between 2021 and 2024, agriculture lost over 83 000 jobs, mining lost 71 000, and manufacturing over 500 000. Trade employment declined by 200 000, and transport/warehousing by 150 000.
Education sector employment fell by 3 500 (6%) but rebounded by 3 000 (5%) in 2024.
Healthcare roles declined by over 63 000 (9%), and research positions by nearly 65 000 (30%).
Public Administration and Defense (including mandatory social insurance) was the only sector adding jobs—nearly 12 000 (23%) from 50.8 thousand pre-war to 62.7 thousand.
Total number of employed persons at Ukrainian enterprises by sector, million.
Companies That Amended Annual Financial Reports (as of 06.03.2025)
Since March 2025, CNA.ua offers a monitoring tool for amendments to annual filings. It flags abrupt balance sheet or income statement revisions—often used by firms reporting profits to secure financing, then switching to losses to minimize tax. This enhances transparency and risk management.
Number of companies that amended annual financial reports as of 06.03.2025
About the Project
CNA for Business: Goals and Objectives
CNA’s offerings support strategic development and investment planning decisions.
All publicly sourced data undergoes multi-factor verification to ensure accuracy and reliability, delivered in a user-friendly format.
This and other CNA digests—as well as bespoke research—combine OSINT methodologies with expert analysis. In this edition, rigorous verification identified and corrected errors in 1 858 reports.
Independence of Analysis
CNA operates independently of government funding and financial aid, ensuring unbiased insights.
Plans and Proposals
With over 20 years of continuously updated datasets from dozens of sources, CNA provides data segmentation and analysis for due diligence and strategy refinement.
We will continue issuing focused digests on specific aspects of Ukraine’s economy and enterprise activity.
For tailored analysis, sectoral data slices, or forecasts, CNA specialists can deliver detailed reports with tables, charts, and infographics for clarity.