Today, Ukraine is synonymous with resistance. The country’s businesses have shown great courage and endurance, with many companies continuing to develop despite their challenges.
Some even supported the Armed Forces, bringing the country closer to victory. Let’s now meet the warriors of the financial battlefield — top companies that have contributed to Ukraine’s sustainable growth.
No company is immune to risks and difficulties, but our ability to manage them and remain resilient in extreme conditions is unparalleled. The recent full-scale Russian invasion posed significant challenges to all Ukrainian companies, but they overcame them through our robust risk management and stress resistance. It’s about such problems as:
Many internal and external factors have negatively affected businesses in Ukraine, including the most prominent corporations and small and medium-sized enterprises. Despite these challenges, many companies have demonstrated remarkable resilience and continue to provide essential services, create jobs, and contribute to the Ukrainian economy’s growth and development.
Traditionally, Forbes-Ukraine determines the most potent giants of Ukrainian business and publishes a list of the top hundred companies yearly.
However, in light of the challenges faced by businesses in 2022, Forbes-Ukraine decided to break with tradition and release a list of the top 30 Ukrainian companies that have demonstrated exceptional resilience, growth, and strength despite the difficult circumstances.
According to a survey conducted in 2022, only 20% of companies could fully recover from the economic shocks of the year. They used a scale to assess the stability and management capacity of the companies, ranging from 0 (representing companies that were liquidated) to 10 (representing companies that were able to increase their staff and financial indicators). Based on the results, it was found that the most stable and largest companies in Ukraine operate in various sectors:
|
Business Area |
Number of companies that work in the sector |
|
ІТ |
7 |
|
Retail |
4 |
|
Fuel and energy complex |
4 |
|
Agro-industrial complex |
2 |
|
Finances |
2 |
|
Transport |
2 |
|
Metallurgy |
2 |
|
FMCG |
2 |
|
IoT |
1 |
|
Pharmacology |
1 |
|
Postal service |
1 |
Currently, the IT sector in Ukraine is performing well, and many of the country’s top companies are concentrated in this industry. The Ukrainian government is also actively promoting and developing the sector by introducing various educational and economic initiatives.
It is worth noting that some companies not only survived the economic turbulence but also managed to recover and thrive, despite suffering significant losses, such as the closure of branches or even the loss of their entire market. Here are some top Ukrainian companies.
Despite suffering significant losses in March 2022, the company has recovered quickly. This is mainly attributed to its decentralization and management reform, which has enabled the company to make flexible and effective decisions.
Although Nova Poshta has yet to recover to its pre-war indicators fully, it is steadily progressing towards that goal. The company’s owner, Vyacheslav Klimov, has even announced plans for expansion and double-digit growth.
What can the owner of a top company whose sales have fallen 175 times feel? The owner of the largest online marketplace in Ukraine, Vladyslav Chechotkin, even wrote a desperate letter to his employees that the company was on the verge of destruction.
But this case also has a happy ending, and the enterprise changed its strategy in time to “act like small companies,” showing flexibility and balance. And already in August 2022, Rozetka reached pre-war indicators.
One of Ukraine’s largest companies suffered physical and economic blows from the Russians. However, despite the destruction of two of its largest holdings — Azovstal and Ilyich MMK, and the loss of two-thirds of the turnover, the company is confidently moving towards its goal of playing a key role in the European market.
Therefore, Metinvest has been focusing on a load of Ukrainian steel factories and constructing new factories in the EU, which has secured its place in the ranking of ‘The most stable top companies in Ukraine.’
During the occupation of Gostomel, Foxtrot’s largest storehouse, covering an area of over 30,000 square meters and storing a quarter of the company’s equipment, was damaged, resulting in a loss of 1 billion hryvnias.
As a result, the company had to rapidly decentralize and restructure its debts, leading to the closure of most of its stores (100 out of 170). However, by the fall, Foxtrot had recovered its performance, increased profits through effective marketing campaigns, and met the growing demand for its products.
The civil aviation industry suffered greatly from the war, as flights over the territory of Ukraine were wholly prohibited due to safety concerns. This posed a significant challenge for businesses operating in the industry, including SkyUp Airlines, a top aviation company. Despite these difficult circumstances, however, SkyUp managed to survive and thrived and is now doing even better than before the war. Several strategies helped to stay afloat (or on the fly):
Sometimes we all have to go through hard times. It may even seem like the end. However, a rapid decline can also turn into a rapid rise, and the rating of companies that withstood the test is actively growing to prove it. Yes, you need to radically change the strategy, approach work, and take risks. But that’s how you become a winner, no matter what front you fight. We wish you growth despite any challenges!
