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Oliinyk N., Lyzhenkova T. PROFITABILITY OF ENTERPRISE IN THE CONDITIONS OF WARTIME: THREATS AND OPPORTUNITIES
193
ISSN
2524-2547
Соціальна економіка / Social Economics.
2024. Випуск/Issue 68
Introduction. At the current stage of
economic development, profi tability is a leading
indicator in the analysis of the effi ciency of
economic entities. This is due to the complexity
and informativeness of this economic category.
As it’s known, the profi tability of an enterprise
is a key indicator of the effi ciency of its
economic activity. Of particular importance
https://doi.org/10.26565/2524-2547-2024-68-19
UDC 338.2:656.8
Nataliia Oliinyk*
PhD (Technical Sciences), Associate Professor
oliynyk.nataliya@kntu.net.ua
https://orcid.org/0000-0002-1019-5708
Tetiana Lyzhenkova*
PhD student
s23676@kntu.net.ua
https://orcid.org/0009-0008-5072-699X
*Kherson National Technical University, 24, Berislav Highway, Kherson, 73008, Ukraine
PROFITABILITY OF ENTERPRISE IN THE CONDITIONS OF WARTIME:
THREATS AND OPPORTUNITIES
Abstract. The purpose of the article is to form a clear understanding of the approaches to calculating
the profi tability of domestic enterprises in wartime conditions, to analyze the current state, and to
determine the directions for increasing the profi tability of logistics company «Nova Post». During the
course of the work, general research methods such as comparison, statistical grouping, structuring,
forecasting, and a systematic approach were applied.
The conducted research provides grounds to establish that at the current stage of economic develop-
ment, the profi tability indicator plays a leading role in the analysis of enterprises’ activities. The importance
of this indicator is revealed during the analysis of the activities of economic entities in wartime conditions, as
it allows for the most comprehensive and detailed assessment of resource effi ciency and overall profi tability
of the enterprise, considering certain challenges in the legal, economic, and socio-political environment
of the state. It has been established that under peaceful conditions and market economy (throughout the
country), as well as under hybrid warfare conditions in the part of the territory where market relations are
maintained and there are no military operations, three groups of indicators should be used to calculate en-
terprise profi tability: cost, income, and resource. Under the introduction of martial law and full-scale military
operations, it is advisable to calculate enterprise profi tability based on the profi tability indicators of the enter-
prise personnel, as the national economy during the war effectively switches to a command-administrative
system. For the successful development of the logistics company «Nova Post», it is necessary to constantly
work on fi nding appropriate directions for increasing its income and the level of profi tability. If the enterprise
aims to maximize profi t, it must either reduce expenses or increase net revenue. The most effective direc-
tions are: increasing the number of parcel terminals; selection of qualifi ed and responsible employees;
return of the bonus system; expansion of branches in other countries, particularly in Germany. A project
to open 8 delivery service offi ces of logistics company «Nova Post» on the territory of Germany has been
proposed and substantiated.
Keywords: Enterprise Profi tability, Profi t, Martial Law, Logistics Company, Ukrainian Migrants, Post-
al Item Transmittance.
JEL Classifi cation: M21; L25; F15.
In cites: Oliinyk, N., & Lyzhenkova, T. (2024). Profi tability of enterprise in the conditions of wartime:
threats and opportunities. Social Economics, 68, 193-211. doi: https://doi.org/10.26565/2524-2547-
2024-68-19
©
Nataliia Oliinyk, Tetiana Lyzhenkov
2024
This is an open-access article distributed under the terms of the Creative Commons Attribution License 4.0.
ФІНАНСИ
♦
FINANCE
Олійник Н. М., Лиженкова Т. Р. РЕНТАБЕЛЬНІСТЬ ПІДПРИЄМСТВА В УМОВАХ ВОЄННОГО ЧАСУ: ЗАГРОЗИ ТА МОЖЛИВОСТІ...
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is that businesses must ensure maximum
profi t under the existing resource constraints,
manifested in access to fi nancial and credit
resources, material support of the production
process, and suffi cient skills to perform
the workforce’s tasks. Therefore, only the
optimal combination of all these components
allows companies to ensure the appropriate
level of profi tability in market competition
(Shmatkovska, Dziamulych, Vavdiiuk,
Petrukha, Koretska, & Bilochenko, 2022).
The relevance of the research topic is
determined by the fact that ensuring the
profi tability of an enterprise is extremely
important and necessary, especially in
wartime conditions. The owner of an
enterprise’s capital must analyze and evaluate
all decisions related to managing available
fi nancial resources, comparing expenses with
profi ts, taking into account that fi nancial
resources are always limited by a certain
amount, and that the generated profi t
serves as the basis for utilizing new fi nancial
resources for investment and profi t-making
(Oliinyk, Dorohan, & Lutsyshen, 2023).
Today, profi tability indicators should also
be considered in the context of the national
wartime state. The process of assessing and
forecasting the profi tability and fi nancial
stability of enterprises is a complex process
due to daily force majeure situations in the
social, energy, geopolitical, and economic
spheres as a result of daily aggression by the
russian federation against Ukraine. Therefore,
it is crucial to search for methods of fl exibility
in an unstable market environment, consider
the possibilities of diversifying efforts
depending on the specifi city of enterprises’
activities, and justify methods of increasing
profi tability. At the moment, an enterprise’s
activity must be particularly effective in
order to satisfy military needs at the national
level with its own fi nancial results, thereby
accelerating Ukraine’s victory.
The purpose of the article is to
researching the theoretical foundations of
enterprise profi tability and determining
the importance of its analysis in wartime
conditions, searching for and substantiating
directions for increasing the profi tability of
logistics company «Nova Post».
To achieve this goal, the following tasks
needed to be solved:
- researching the theoretical
foundations of enterprise profi tability and
determining the importance of its analysis in
wartime conditions;
- conducting an analysis of the main
performance indicators of LLC «Nova Post»
and calculating its profi tability;
- searching for and substantiating
directions for increasing the level of
profi tability of LLC «Nova Post».
The subject of the study is the theoretical
and methodological foundations, applied
methods of evaluation, and ensuring the
profi tability of the enterprise’s activities.
The object of the study is the activity
of LLC «Nova Post», which specializes in
providing parcel delivery services.
Literature Review. Research of the
essence of profi tability as the main purpose
of the enterprise, as well as its role in the
system of economic indicators, the study of
methods of its calculation and evaluation are
covered in the leading works of scientists and
practitioners, which include O. Bairachna
(2021), T. Demianenko (2020), H. Habibniya,
S. Dsouza, M. R. Rabbani, N. Nawaz and
R. Demiraj (2022), N. ul Qayyum and U. Noreen
(2019), K. Aburisheh, E. Hyasat, M. S. Elessa,
M. Humeedat, A. Kalbouneh and H. Azab
(2023), H. S. T. Pham and D. T. Nguyen
(2019), R. Mubeen, D. Han, J. Abbas and
I. Hussain (2020), T. G. Setyabudi (2021),
S. Lehenchuk, M. Tumpach, I. Vyhivska,
V. Makarovych and S. Laichuk (2022),
H. M. Vu and C. Nwachukwu (2021),
Y. Kostenko, O. Korolenko, M. Huz (2022)
and others.
So, the concept of «profi tability», the
indicators of profi tability of the tourist
entity and the order of their calculation was
considered by O. Bairachna (Bairachna,
2021).
T. Demianenko was engaged in
researching the profi t management and
profi tability of industrial enterprises and
areas of its improvement (Demianenko, 2020).
H. Habibniya, S. Dsouza (Kuwait),
M. R. Rabbani, N. Nawaz (Bahrain),
R. Demiraj (Kuwait), N. ul Qayyum (Pakistan)
and U. Noreen (Saudi Arabia) researched the
impact of capital structure on profi tability
(Habibniya, Dsouza, Rabbani, Nawaz, &
Demiraj, 2022; Qayyum & Noreen, 2019).
Scientists and practitioners from Jordan
(K. Aburisheh, E. Hyasat, M. S. Elessa,
M. Humeedat, A. Kalbouneh and H. Azab)
were engaged in researching the relationship
between capital structure and profi tability in
manufacturing companies listed on the ASE
(Amman Stock Exchange), with a particular
focus on the potential mediating effect of
dividend policy (Aburisheh, Hyasat, Elessa,
Humeedat, Kalbouneh, & Azab, 2023).
H. S. T. Pham (United Kingdom) and
D. T. Nguyen (Vietnam) researched the effects
of corporate governance mechanisms on the
fi nancial leverage–profi tability relation, who
Oliinyk N., Lyzhenkova T. PROFITABILITY OF ENTERPRISE IN THE CONDITIONS OF WARTIME: THREATS AND OPPORTUNITIES
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observed a negative association between CEO
dualism and profi tability (Pham & Nguyen,
2019). But R. Mubeen, D. Han, J. Abbas
(China) and I. Hussain (Pakistan) discovered
a favourable relationship (Mubeen, Han,
Abbas, & Hussain, 2020). In research by
T. G. Setyabudi (Indonesia) institutional
ownership has been demonstrated to have a
positive link with profi tability as evaluated by
different metrics (Setyabudi, 2021).
S. Lehenchuk (Ukraine), M. Tumpach
(Slovak Republic and Czech Republic),
I. Vyhivska, V. Makarovych and S. Laichuk
(Ukraine) characterized the impact of innovation
on the profi tability of Slovak pharmaceutical
companies (Lehenchuk, Tumpach,
Vyhivska, Makarovych, & Laichuk, 2022)
. The hypothesis that there is a signifi cant
positive impact of research and development
activities on the profi tability of knowledge-
intensive enterprises has been partly
confi rmed.
The direct effects of entrepreneurial
alertness on profi tability were assessed by
H. M. Vu (Vietnam) and C. Nwachukwu
(France). Scientists came to the conclusion
that entrepreneurial alertness has signifi cant
infl uence on the profi tability of micro fi rms
(Vu & Nwachukwu, 2021).
Y. Kostenko’s, O. Korolenko’s and
M. Huz’s article is devoted to determining the
features of the fi nancial stability analysis of
enterprises operating in wartime conditions
(Kostenko, Korolenko, & Huz, 2022).
In addition, despite considerable attention
to this problem, a number of issues related
to the identifi cation of the main directions of
increasing the profi tability of enterprises in
wartime conditions remain unresolved.
Research Methodology. During the
course of the work, general research methods
such as comparison, statistical grouping,
economic-statistical analysis, territorial
analysis, cartographic method, factor
analysis, structuring, forecasting, and a
systematic approach were applied.
The reliability of the research results is
determined by the applied theoretical and
methodological tools, the use of regulatory
documents of analytical materials and static
data of the Ukraine and others European
countries, as well as the implementation of
the developed proposals in practice.
The practical results of the study:
- the research conducted in this work
demonstrates the importance and necessity
of studying the theoretical foundations of
enterprise profi tability, forming a complete
and clear understanding of the approaches
to calculating the profi tability of domestic
enterprises in wartime conditions, analyzing
the current state, determining directions for
increasing enterprise profi tability;
- a project to open 8 delivery service
offi ces of logistics company «Nova Post» on the
territory of Germany has been proposed and
substantiated.
Main Results. The main goal of a
signifi cant part of enterprises in any industry
is to increase the of enterprise profi tability
based on the incorporation of scientifi c
and technical developments, activation
of entrepreneurship, and improvement of
production process management strategies.
The successful results of an enterprise’s
activity are primarily determined by the
increase in fi nancial achievements and an
effective profi tability management system.
Profi tability is a crucial fi nancial metric
that gauges a company’s ability to generate
earnings that surpass its costs. It measures
the company’s effi ciency in utilizing its
resources to produce profi ts. There are
several ways to assess profi tability, such
as return on assets (ROA), return on equity
(ROE), and gross margin. ROA evaluates how
effectively a company employs its assets to
generate revenue. It is calculated by dividing
the company’s net income by its total assets.
A higher ROA indicates that the company
produces more profi ts per dollar of assets.
On the other hand, ROE assesses how
effi ciently a company uses its shareholders’
equity to generate profi ts. It is computed by
dividing the company’s net income by its
shareholders’ equity. A higher ROE implies
that the company generates more earnings
per dollar of shareholders’ equity (Alabdullah,
2022; Kim, Eisenberger, Takeuchi, &
Baik, 2022). Gross margin measures the
percentage of revenue that a company
retains after accounting for the cost of goods
sold. A higher gross margin indicates better
earnings per dollar of revenue. However,
while profi tability is an essential indicator of
a company’s performance, other factors such
as growth, risk, and liquidity must also be
considered. Therefore, ROA, ROE, and gross
margin, among other profi tability measures,
provide insight into a company’s fi nancial
performance and are crucial for evaluating its
overall success (Daneshgar & Zahedi, 2022).
Currently, there are many standards
from which to choose a profi tability standard
for evaluating the economic effi ciency of
enterprises, the main ones of which are
shown in Figure 1.
Analysis of research by leading
researchers and practitioners shows that
profi tability of enterprises is essentially a
Олійник Н. М., Лиженкова Т. Р. РЕНТАБЕЛЬНІСТЬ ПІДПРИЄМСТВА В УМОВАХ ВОЄННОГО ЧАСУ: ЗАГРОЗИ ТА МОЖЛИВОСТІ...
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complex, integrated, multifaceted economic
category, which is characterized by a high
degree of dependence on the infl uence of a
complex of different factors (Shmatkovska,
Dziamulych, Vavdiiuk, Petrukha, Koretska,
& Bilochenko, 2022; Bairachna, 2021;
Demianenko, 2020; Habibniya, Dsouza,
Rabbani, Nawaz, & Demiraj, 2022; Qayyum
& Noreen, 2019; Kostenko, Korolenko, &
Huz, 2022).
The main classifi cation of enterprise
profi tability indicators is depicted in Figure 2.
During the analysis period, profi tability
indicators are divided into instantaneous,
static, and dynamic. They can characterize
the effi ciency of an entire enterprise as a
system, as well as refl ect the quality of work
of a separate structural unit of the enterprise.
In case of a clear infl ationary process in the
national economy, it is necessary to adjust
the nominal profi t, determined by the price
change index during the same period,
according to the standard procedure. As
a result of this adjustment, real profi ts are
obtained, which are used for a comprehensive
assessment of the dynamics of results over
several years.
Each economic entity is obligated to
clearly and accurately present its needs in
fi nancial, raw material, labor, intellectual
resources, production facilities, sources
of their obtaining (Makarenko, Oliinyk, &
Rybachok, 2019).
Under peaceful conditions and market
economy (throughout the country), as well as
under hybrid war conditions in the part of the
territory where market relations are preserved
and there are no military operations, it is
necessary to use the following three groups of
indicators to calculate the profi tability of an
enterprise: cost, revenue, and resource.
Under conditions of martial law and
large-scale military operations, it is advisable
to calculate enterprise profi tability based on
the profi tability indicators of the enterprise
personnel, as the country’s economy during
the war effectively transitions to a command-
administrative system.
Modern economic and social situation in
Ukraine has not only dramatically changed
the ideas and values, but also has given rise
to an uncertain, very often groundlessness,
attitude to many values and norms, including
the needs for a constant personal development
(Makarenko, Oliinyk, & Oleksenko, 2020).
Lack of a sound methodological approach
to means of motivation for professional
development can lead to the loss of existing
intellectual potential and competitive
positions of enterprises in the market.
In conclusion, profi tability indicators
are used in the process of comparative
assessment of the effectiveness of activities
of both individual enterprises and certain
industries that produce different types and
volumes of goods, playing an important role
during wartime economy. These indicators
characterize the income obtained in
relation to the expended production resources.
After February 24, 2022, due to military
aggression from russia and the beginning
of the active phase of hostilities in Ukraine,
Fig. 1. Alternative criteria for assessing the economic effi ciency of enterprise activities
Source: built by the authors according to the data (Demianenko, 2020)
Oliinyk N., Lyzhenkova T. PROFITABILITY OF ENTERPRISE IN THE CONDITIONS OF WARTIME: THREATS AND OPPORTUNITIES
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most of the business was effectively paralyzed.
The war caused and continues to cause large-
scale destruction in Ukraine. However, even in
such conditions, businesses gradually adapt.
Entrepreneurs always transform, seeking
new opportunities. Small and medium-sized
businesses in Ukraine return to work but
recover slower than large businesses and cut
labor costs.
A survey of 372 representatives of
Ukrainian businesses conducted by
«Prozorro» found that 41% of businesses did
not change the course of their activities since
the russian federation’s invasion of Ukraine;
35% had to lay off some employees, resort
to wage cuts, and introduce vacations; 19%
of businesses closed stores, offi ces, and
production facilities; 4% adopted new types
of activities; only 5% completely ceased their
functioning. The summarized statistics are
presented in Figure 3.
Ensuring the profi tability of an enterprise
during wartime is quite challenging, as war
contributes to the emergence of force majeure
circumstances, leading not only to a reduction
in the volume of active enterprise operations
but also to the possibility of a complete
cessation of its activities and the irreversible
loss of property or resources.
As a result of the complex crisis
processes observed in the economy, directly
caused by changes in both the socio-political
and economic environment, it is extremely
important to search for available reserves
to increase profi tability, which will allow
economic entities to work uninterruptedly
for the purpose of both simple and expanded
expansion. High loan costs, rapid depreciation
Fig. 2. Classifi cation of enterprise profi tability indicators calculated based on profi t values
Source: built by the authors according to the data (Galetsky, 2019)
Олійник Н. М., Лиженкова Т. Р. РЕНТАБЕЛЬНІСТЬ ПІДПРИЄМСТВА В УМОВАХ ВОЄННОГО ЧАСУ: ЗАГРОЗИ ТА МОЖЛИВОСТІ...
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of the
national currency, and a small domestic
market all affect the importance of
researching aspects of enterprise profi tability
management in one way or another.
For the successful development of any
enterprise, it is necessary to constantly
work on fi nding ways to increase its
profi tability. The main reserves for increasing
profi tability are associated with the areas
of the enterprise’s activities, so, to achieve
successful functioning, each economic entity
must strive to increase the effi ciency of its
activities.
«Nova Post» is one of the largest
Ukrainian international logistics companies
and an unconditional leader in the fi eld of
express delivery in terms of the number of
shipments delivered throughout Ukraine.
This enterprise provides a full range of high-
quality logistics services for both ordinary
citizens and businesses. «Nova Post» is a group
of several foreign and Ukrainian enterprises,
including LLC «Nova Post», «NovaPay», «Nova
Post Global», «New Post Lithuania», «New
Post Poland», and «New Post Moldova».
In addition, today it is possible to place
Fig. 3. Changes in business activities since the beginning of the rf invasion
Source: built by the authors according to the data.
Становище бізнесу в період воєнного стану. Опитування учасників Prozorro.
URL: https://drive.google.com/fi le/d/1NL48R_2md5X_bn4BvNLoi1tIOv55BKoq/view?fbclid=IwAR1TT_lHbV4y91u9Vnz9d8Qucd5N3P010DTk
wMdE2B3YgGPNobgHL1avT8 (дата звернення: 05.09.2024).
Forwarding of postal shipments
International mail deliveries
Ancillary postal services
Distribution of periodical publications
Courier delivery
Services offered by «Nova Post»
Fig. 4. Classifi cation of services provided by «Nova Post»
Source: built by the authors according to the data (Tkachenko & Holovko, 2017)
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orders using the «NP Shopping» service from
online stores in countries such as the USA,
Turkey, the United Kingdom, Germany,
Poland, France, and Spain.
The services provided by the company
«Nova Post» can be divided into several
categories, as shown in Figure 4.
Long before the full-scale invasion of
the russian federation into the territory of
Ukraine, the services of this enterprise were
in high demand, due to the following aspects:
- speed, reliability, and quality of
delivery;
- a large number of branches and parcel
machines in convenient locations;
- fast and pleasant service;
- innovative approach to creating an
online application;
- the ability to track your shipment in
real-time;
- numerous discount and bonus
programs;
- promoting clients’ desire for self-
service;
- quick resolution of problems in case of
their occurrence.
In times of relative stability in the
country, a signifi cant advantage of «Nova
Post» compared to other delivery services was
the speed of delivery of shipments, reaching
up to 24 hours between large cities and up to
48 hours between regional centers. Therefore,
in our opinion, this company has taken
a signifi cant share of the market among
Ukrainian consumers. For example, during
2021, «Nova Post» delivered 372 million
parcels and cargoes of various categories
and volumes, including a new daily record
in December of the same year – 1.8 million
deliveries. In addition, «Nova Post» is among
the TOP-20 tax-paying companies: for 2020,
the company transferred 5 billion UAH to the
budgets of all levels of the country, for 2021
– 6.4 billion UAH, and for 2022, the group
of companies «Nova Post» transferred 7.1
billion UAH of taxes and fees to the country’s
budgets1.
In the fi rst weeks of the war, the demand
for services provided by logistics company
«Nova Post» fell by almost 95%. On average,
before the invasion, the daily rate of parcel
movement by this delivery service was 1 million
shipments. However, in the fi rst days of the war,
this indicator dropped to 50,000, meaning the
number of shipments decreased by 20 times.
With the beginning of the full-scale
offensive of the russian army on the
1 Нова пошта : Офіційний веб-сайт. URL: https://
novaposhta.ua/ (дата звернення: 04.09.2024).
settlements of Ukraine and almost daily
massive shelling, logistics company «Nova
Post» did not cease its activities, but on
the contrary – began to mobilize its own
capacities. As of November 2023, «Nova Post»
is the largest network in Ukraine, which
has 10,000 branches and more than 14,000
parcel machines throughout the territory of
Ukraine.
Today, the functioning of this enterprise
is signifi cantly infl uenced by the presence of
curfew, which makes it impossible to deliver
parcels around the clock. In addition, it is
sometimes necessary to adjust routes in real-
time to ensure the safety of the company’s
employees, especially drivers. These factors
contribute to the extension of delivery times,
thereby increasing the cost of provided services.
Despite the fact that a large number
of postal branches of the logistics company
«Nova Post» were occupied and destroyed by
the invaders, the enterprise continued to
restore the stable operation of its structural
divisions and increase the positive dynamics
of its functioning. By the end of the month
from the start of the full-scale invasion rf into
the territory of Ukraine in logistics company
«Nova Post», the number of daily shipments
on average increased 4 times and amounted
to 200 thousand parcels. The number of
shipments for 2022, despite the full-scale war,
amounted to 315 million parcels and cargoes.
On December 30, 2022, the company sent
1.9 million shipments per day, this number
became a new record for logistics company
«Nova Post». The most popular items shipped
by «Nova Post» include clothing, footwear,
auto parts, medical supplies, food products,
cosmetics, and pet products2.
With the beginning of the full-scale
invasion, the enterprise directed resources
to launch the necessary direction at that
time – «Humanitarian Nova POSHTA».
Within the framework of this project, cargo
with humanitarian aid from international
organizations and Ukrainians who can
participate in the collection of aid is delivered
by the volunteer organization at the expense
of the «Nova Post» enterprise. Almost
every day, logistics company «Nova Post»
transported about 500 tons of humanitarian
cargo for free, half of which is international
aid. From such countries as the USA, France,
Germany, Romania, Poland, Turkey, and
other countries, during the six months of the
war, logistics company «Nova Post» delivered
81 thousand parcels.
2 Нова пошта : Офіційний веб-сайт. URL: https://
novaposhta.ua/ (дата звернення: 04.09.2024).
Олійник Н. М., Лиженкова Т. Р. РЕНТАБЕЛЬНІСТЬ ПІДПРИЄМСТВА В УМОВАХ ВОЄННОГО ЧАСУ: ЗАГРОЗИ ТА МОЖЛИВОСТІ...
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In those cities where the situation was
critical for a long time (Kharkiv, Mykolaiv),
it was decided to reorient some branches
exclusively to humanitarian aid distribution
points. In addition, logistics company «Nova
Post» carried out the necessary delivery of
medicines to hospitals in Kharkiv, Mariupol,
Sumy, Kherson, and other cities where a large
number of wounded were concentrated.
Therefore, the analyzed enterprise «Nova
Post» is one of the largest international
logistics companies in Ukraine, specializing
in providing services for the shipment of
domestic and international postal items,
ancillary postal services, distribution of
periodicals, courier delivery, and recently also
humanitarian aid delivery to hotspots in the
country. The functioning of the enterprise is
mainly aimed at increasing the effi ciency of its
own activities, namely increasing the volume
of shipments and, accordingly, the level of
profi tability.
Table 1 shows the main indicators of
the logistics company «Nova Post» activity for
three years.
The analysis of the information provided
in the fi nancial statements us to draw the
following conclusions: before the full-scale
invasion, the functioning of the enterprise
had a relatively stable development dynamic
and was characterized by a tendency to
increase the volume of services provided and
profi ts received.
In 2022, compared to 2021, the following
indicators increased signifi cantly: other
operating income – by 493,334 thousand
UAH, which is 243.22%; profi t from operating
activities – by 902,112 thousand UAH, which
is 55.99%; and fi nancial expenses – by
256,877 thousand UAH, which is 40.72%.
At the same time, other fi nancial income
decreased by 676,108 thousand UAH, which
is 37.26%; selling expenses – by 122,714
thousand UAH, which is 21.84%; and net
Table 1. Key economic indicators of the operation of the logistics company «Nova
Post»
Indicators
Years Deviation
2021 2022 2023
Absolute, thousand
UAH Relative, %
2022 /
2021
2023 /
2022
2022 /
2021
2023 /
2022
Net income from sales of
products (goods, works,
services), thousand UAH
20,843,502 23,687,034 36,468,879 2,843,532 12,781,845 13.64 53.96
Cost of goods sold (works,
services), thousand UAH 16,441,004 19,276,532 28,625,037 2,835,528 9,348,505 17.25 48.50
Gross profi t, thousand UAH 4,402,498 4,410,502 7,843,842 8,004 3,433,340 0.18 77.84
Other operating income,
thousand UAH 202,834 696,168 301,477 493,334 -394,691 243.22 -56.69
Administrative expenses,
thousand UAH 1,923,703 1,673,172 2,985,829 -250,531 1,312,657 -13.02 78.45
Selling expenses, thousand
UAH 561,844 439,130 997,806 -122,714 558,676 -21.84 127.22
Other operating expenses,
thousand UAH 508,590 481,061 494,865 -27,529 13,804 -5.41 2.87
Financial result from
operating activities: profi t,
thousand UAH
1,611,195 2,513,307 3,666,819 902,112 1,153,512 55.99 45.90
Other fi nancial income,
thousand UAH 1,814,806 1,138,698 2,706,514 -676,108 1,567,816 -37.26 137.68
Financial expenses,
thousand UAH 630,813 887,690 1,248,217 256,877 360,527 40.72 40.61
Financial result before tax:
profi t, thousand UAH 2,794,933 2,390,352 4,438,175 -404,581 2,047,823 -14.48 85.67
Net fi nancial result: profi t,
thousand UAH 2,600,320 2,135,960 3,967,156 -464,360 1,831,196 -17.86 85.73
Source: compiled and calculated by the authors based on the fi nancial statements of the logistics
company «Nova Post»
(Офіційний веб-сайт. URL: https://novaposhta.ua/ (дата звернення: 04.09.2024)).
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profi t decreased by 464,360 thousand UAH,
which is 17.86%.
In 2023, compared to 2022, the following
indicators increased signifi cantly: net income
from sales of products (goods, works, services)
– by 12,781,845 thousand UAH, which is
53.96%; cost of goods sold (works, services)
– by 9,348,505 thousand UAH, which is
48.50%; administrative expenses – by
1,312,657 thousand UAH, which is 78.45%;
selling expenses – by 558,676 thousand UAH,
which is 127.22%; other fi nancial income – by
1,567,816 thousand UAH, which is 137.68%;
fi nancial expenses – by 360,527 thousand
UAH, which is 40.61%; and net profi t – by
1,831,196 thousand UAH, which is 85.73%.
At the same time, other operating income
decreased by 394,691 thousand UAH, which
is 56.69%.
One of the key types of profi tability is the
profi tability of production, which characterizes
the effi ciency of the implementation of
products (goods, works, and services).
This category includes the profi tability of
production or services, profi tability of sales
of products by gross profi t (or gross margin),
profi tability of sales of products by net
profi t (or net margin), and profi tability of
individual products. Another important type
of profi tability is the profi tability of economic
activity, one of the key components of which
is operational activity.
Under the introduction of martial law
and full-scale military operations, it is
advisable to calculate enterprise profi tability
based on the profi tability indicators of the
enterprise personnel. During the calculation
staff profi tability, we apply the method from
the article by Т. Chaika, N. Mardus and
Ju. Loghvinov (Chaika, Mardus, & Loghvinov,
2018).
The staff profi tability by gross profi t is
calculated using the formula:
, (1)
in which Rpersonnel (GP) – the staff profi tability by
gross profi t, thousand UAH per persons;
GP – the gross profi t, thousand UAH;
P – number of personnel, persons.
The staff profi tability by net profi t is
calculated using the formula:
, ( 2)
in which Rpersonnel (NP) – the staff profi tability by
net profi t, thousand UAH per persons;
NP – the net profi t, thousand UAH.
The results of the calculations profi tability
of LLC «Nova Post» are illustrated in Table 2.
Analyzing the data presented in Table 2,
it can be concluded that in 2022 compared
to 2021, there is a decrease in almost all
the listed profi tability indicators (besides
operating profi tability and staff profi tability
by gross profi t). The most signifi cant changes
were experienced by return on equity (ROE)
– it decreased by 39.07%. In 2023, compared
to 2022, there is an increase in all the listed
indicators (besides operating profi tability). The
following indicators increased signifi cantly:
staff profi tability by gross profi t – by 139.4
thousand UAH per person for the year, which
is 87.92%; and staff profi tability by net profi t
– by 73.9 thousand UAH per person for the
year, which is 96.26%.
In today’s economically unstable
conditions, the need to determine cause-
and-effect relationships and dependencies
Table 2. Calculations profi tability of the logistics company «Nova Post»
Indicators Years Absolute deviation
2021 2022 2023 2022 / 2021 2023 / 2022
Return on assets (ROA), % 25.00 14.60 20.42 -10.40 5.82
Return on equity (ROE), % 77.88 38.81 49.51 -39.07 10.70
Operating profi tability, % 8.29 11.50 11.03 3.21 -0.47
Profi tability of production or services, % 26.78 22.88 27.40 -3.90 4.52
Gross margin, % 21.12 18.62 21.51 -2.50 2.89
Net margin, % 12.48 9.02 10.88 -3.46 1.86
Staff profi tability by gross profi t, thousand UAH per person
for the year 147.8 158.5 297.9 10.7 139.4
Staff profi tability by net profi t, thousand UAH per person for
the year 87.3 76.8 150.7 -10.5 73.9
Source: calculated by the authors based on the fi nancial statements of the logistics
company «Nova Post» (Офіційний веб-сайт. URL: https://novaposhta.ua/ (дата звернення: 04.09.2024)).
Олійник Н. М., Лиженкова Т. Р. РЕНТАБЕЛЬНІСТЬ ПІДПРИЄМСТВА В УМОВАХ ВОЄННОГО ЧАСУ: ЗАГРОЗИ ТА МОЖЛИВОСТІ...
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. 2024. Випуск/Issue 68
related to the process of profi t formation at
the enterprise and determining the level of its
profi tability is increasing. It is important to
identify and measure the impact of various
factors on the indicator under study. Therefore,
factor analysis of indicators related to the
profi tability of the enterprise, which is carried
out through the study and measurement of
the impact of individual factors on the results
of the economic entity’s activity, is considered
an effective methodology in this issue.
The conducted analysis indicates the
presence of unused reserves to increase the
profi tability of logistics company «Nova Post».
The main directions for increasing the
profi tability of logistics company «Nova Post»
are:
- increasing the number of parcel
machines;
- selection of qualifi ed and responsible
employees;
- the return of the bonus system;
- expansion of branches in other
countries.
«Nova Post» parcel machines are a worthy
alternative to stationary branches, which is
benefi cial for both consumers and company
employees. From the client›s side, parcel
machines have a number of advantages over
branches: no queues, a signifi cant difference in
delivery cost, contactless service, convenience,
reliability, and speed. So the demand for
receiving a parcel in a parcel machine is always
high, which often leads to all compartments
being occupied. In addition to the positive
aspects for the client, increasing the number
of parcel machines on the streets of cities,
in entrances, and supermarkets will lead to
the optimization of postal branches’ work
due to the fact that a signifi cant part of the
parcels will be evenly distributed throughout
the city, rather than waiting for the owner in
the warehouse, taking up space and creating
queues at the branches.
Selection of qualifi ed and responsible
employees is one of the key aspects in
increasing the profi tability of a company.
Nowadays, there is a problem of negligence
among operators in branches. This is due to
the dishonest performance of their duties,
specifi cally, poor packaging of parcels.
As a result, the contents of the package
may be damaged or incomplete, causing
customers to call the hotline, where company
representatives offer compensation to resolve
the confl ict: a gift or a promo code for free
delivery of a parcel up to 30 kg. Compensation
for the affected party is necessary due to the
company’s fault, but it would be better to
avoid such costs by selecting conscientious
and responsible workers and more rigorous
control of their work.
Before the beginning of the full-scale
invasion, there was an active bonus system
for independent registration of an electronic
waybill by the sender. That is, each client
with the «Nova Post» app on their device can
independently create an electronic waybill,
spending no more than 3 minutes of their
time, the number of which must be simply
scanned at the branch and the printed label
according to this data must be glued on the
box, handing over the prepared luggage to the
operator. Previously, for each parcel sent in
this way, the client received 2 UAH on their
bonus account (if they scanned the register
with waybills – 2.5 UAH for each waybill),
which could be spent on any payment for
services in this delivery service: buying a box
or paying part of the shipping cost. Thus,
many clients tried to arrange the parcel
themselves, thereby saving their budget
and at the same time optimizing the work of
operators in branches.
«Nova Post» actively uses social networks
to interact with its customers and support its
brand, development, and market leadership
in logistics (Doroshenko, 2023).
Nowadays, logistics company «Nova Post»
has indeed become popular even among
those people who previously did not have a
particular need to use delivery services. It
concerns citizens who were forced to leave
their homes due to military actions, taking
only the essentials with them. This is a good
way to quickly and reliably deliver items,
documents, and equipment to their current
location. Considering also that a large
number of Ukrainians are currently abroad,
it is necessary to further expand the activities
of this enterprise in European countries. As of
August 19, 2022, the number of Ukrainians
in the status of refugees in Poland exceeded 5
million people1.
That is why the decision was made to
gradually open branches in Poland. As of
December 01, 2023, there are 31 company
«Nova Post» branches operating in Poland. In
addition, 19 branches of this delivery service are
operating in Moldova, 2 branches in Lithuania,
2 branches in Czech Republic, 1 branch in
Romania, and 1 branch in Germany2.
1 Кількість українців, які виїхали до Польщі переви-
щила 5 мільйонів осіб. Visit UKRAINE (19 серп. 2022). URL:
https://visitukraine.today/uk/blog/727/the-number-of-ukrainians-
who-left-for-poland-exceeded-5-million-people (дата звернення:
05.09.2024).
2 Нова пошта : Офіційний веб-сайт. URL: https://
novaposhta.ua/ (дата звернення: 04.09.2024).
Oliinyk N., Lyzhenkova T. PROFITABILITY OF ENTERPRISE IN THE CONDITIONS OF WARTIME: THREATS AND OPPORTUNITIES
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As of the end of January 2023, the
number of Ukrainian refugees registered
in social protection programs in Europe
amounts to 4,823.33 thousand people.
According to publicly available data from
UNHCR, collected by national governments
of European countries, the largest number of
Ukrainian migrants is concentrated in Poland
and amounts to 1,563.39 thousand people.
At the same time, according to the border
service of this state, since the beginning of
the full-scale war, about 9.594 million people
have arrived in Poland, and 7.737 million
people have returned to Ukraine in the
opposite direction.
In second place for the number of
accepted refugees from Ukraine is Germany,
where there are 881.4 thousand of our
citizens.
In third place is the Czech Republic with
about 485.1 thousand Ukrainians.
In Italy, there are 169.31 thousand
registered people, and in Spain –
161.01 thousand people. In the United
Kingdom, as of the end of January, there are
158.8 thousand people, and in Bulgaria – 151.71
thousand Ukrainian migrants. More than 100
thousand Ukrainian citizens are registered in
the following countries: in Romania – 110.9
thousand people, and in Slovakia – 107.0
thousand people. In particular, as of October
21, 2022, France counted 118.99 thousand
Ukrainian refugees1.
In Figure 5 graphically presents
information about the 10 European countries
where the largest number of Ukrainian
migrants are currently located. Therefore,
due to the signifi cant number of Ukrainians
currently abroad, the services of the company
«Nova Post», in our opinion, would be in
demand not only in the Ukrainian market
but also in the markets of the above-
mentioned European countries, indicating a
quite appropriate direction for increasing the
profi tability of this company.
In our opinion, it would be appropriate to
consider the option of expanding the activities
of logistics company «Nova Post» in Germany.
Considering the number of Ukrainian citizens
currently residing in Poland and Germany,
we can calculate the necessary number of
«Nova Post» branches in Germany (Table 3).
According to the number of refugees per
branch in Poland, it would be appropriate to
1 Кількість біженців з України в Німеччині зі статусом
тимчасового захисту зменшилася на 140 тис., що віддалило
їхнє загальне число в Європі від 5 млн. – ООН. Interfax-
Україна : Інформаційне агентство (04 лют. 2023). URL: https://
interfax.com.ua/news/economic/889059.html (дата звернення:
05.09.2024).
1563,39
881,40
485,10
169,31
161,01
158,80
151,71
118,99
110,90
107,00
Poland
Germany
Czech Republic
Italy
Spain
United Kingdom
Bulgaria
France
Romania
Slovakia
thousand people
Fig. 5. Number of Ukrainian migrants in European countries
(As of the end of January 2023), thousand people
Source: built by the authors according to the data (
Кількість біженців з України в Німеччині зі статусом
тимчасового захисту зменшилася на 140 тис., що віддалило їхнє загальне число в Європі від 5 млн. – ООН. Interfax-Україна :
Інформаційне агентство (04 лют. 2023). URL: https://interfax.com.ua/news/economic/889059.html (дата звернення: 05.09.2024).
Олійник Н. М., Лиженкова Т. Р. РЕНТАБЕЛЬНІСТЬ ПІДПРИЄМСТВА В УМОВАХ ВОЄННОГО ЧАСУ: ЗАГРОЗИ ТА МОЖЛИВОСТІ...
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open at least 8 «Nova Post» branches in Germany.
Information on the number of refugees in these
countries and their distribution among the
branches is presented in Figure 6.
Based on the data on the average salary
of employees of logistics company «Nova
Post», as well as data on the average salary in
European countries, fuel prices, and the cost
Table 3. Calculation of the necessary number of «Nova Post» branches in Germany
Country Number of refugees (As of the end
of January 2023), thousand people
Number of refugees per
1 branch, thousand people Number of branches
Poland 1,563.39 104.226 15*
Germany 881.40 104.226 8.46 ≈ 8
Notes. As of January 28, 2023, there are 15 logistics company «Nova Post» branches operating in
7 cities in Poland.
Source: calculated by the authors according to the data:
Кількість українців, які виїхали до Польщі перевищила 5 мільйонів осіб. Visit UKRAINE (19 серп. 2022). URL: https://
visitukraine.today/uk/blog/727/the-number-of-ukrainians-who-left-for-poland-exceeded-5-million-people (дата звернення: 05.09.2024).
Кількість біженців з України в Німеччині зі статусом тимчасового захисту зменшилася на 140 тис., що віддалило їхнє
загальне число в Європі від 5 млн. – ООН. Interfax-Україна : Інформаційне агентство (04 лют. 2023). URL: https://interfax.com.ua/
news/economic/889059.html (дата звернення: 05.09.2024).
Table 4. Expenses for remuneration of employees of logistics company «Nova Post»
Indicator Amount
Expenses for remuneration of employees in 2023, thousand UAH 8,491,614
Average number of permanent employees in 2023, persons 26,327
Average salaryin 2023, UAH/month 26,878.66
Source: compiled and calculated by the authors based on the fi nancial statements of the enterprise
LLC «Nova Post» (
Нова пошта : Офіційний веб-сайт. URL: https://novaposhta.ua/ (дата звернення: 04.09.2024)
Fig. 6. Number of Ukrainian migrants in Germany and Poland Source: built by the authors according to the data
Кількість українців, які виїхали до Польщі перевищила 5 мільйонів осіб. Visit UKRAINE (19 серп. 2022). URL: https://visitukraine.today/
uk/blog/727/the-number-of-ukrainians-who-left-for-poland-exceeded-5-million-people (дата звернення: 05.09.2024).
Кількість біженців з України в Німеччині зі статусом тимчасового захисту зменшилася на 140 тис., що віддалило їхнє загальне число
в Європі від 5 млн. – ООН. Interfax-Україна : Інформаційне агентство (04 лют. 2023). URL: https://interfax.com.ua/news/economic/889059.
html (дата звернення: 05.09.2024).
Oliinyk N., Lyzhenkova T. PROFITABILITY OF ENTERPRISE IN THE CONDITIONS OF WARTIME: THREATS AND OPPORTUNITIES
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of warehouse premises, we can calculate the
costs of opening 8 branches in Germany.
Table 4 shows information about the
payment of labor at the «Nova Post» company.
According to the data provided in the fi nancial
statements of the company, we can calculate
the average salary of employees. Since labor
costs for the reporting period (in 2023)
amount to 8,491,614 thousand UAH, and
the average number of full-time employees is
26,327 people, the average salary per month
is 26,878.66 UAH, which as of 12.10.2024 is
equal to 596.67 Euros.
Having information about the labor costs
at the «Nova Post» company, it is appropriate
to analyze the size of the average salary
in European countries, where the largest
number of Ukrainian citizens currently
reside, particularly Poland and Germany.
In Figure 7, information on the size of
the average salary in 10 European countries,
where the largest number of Ukrainian
refugees are located, is graphically presented.
The average monthly salary in 10
European countries is provided in Table 5.
Not less important component of the
expenses of an enterprise providing delivery
services is the cost of transportation, which
is directly infl uenced by the fuel price in
the country. In Ukraine, the price of A-95
gasoline is 60.18 UAH (or 1.34 €), for diesel
fuel – 52.74 UAH (or 1.17 €), for gas – 33.82
UAH (or 0.75 €)12.
In Table 6, information on fuel prices in
10 selected European countries is provided.
In Figure 8, graphical information on fuel
prices in 10 European countries, where most
Ukrainian refugees are located, is presented.
Assuming that each type of fuel is
purchased in equal volumes, as the transport
used for cargo delivery may vary, we can
calculate the average fuel price in the three
analyzed countries: Ukraine, Poland, and
Germany (Table 7).
Since the cost of rented premises for
conducting this type of business activity is
also an important element, we can analyze
1 Ціни на бензин, дизпаливо, газ на АЗС України.
Мінфін : Офіційний веб-сайт. URL: https://index.minfi n.com.ua/
ua/markets/fuel/ (дата звернення: 12.10.2024).
2 Курс євро гривні. Мінфін : Офіційний веб-сайт.
URL: https://minfi n.com.ua/ua/currency/eur/
(дата звернення:
12.10.2024).
Table 5. The average salary in 10 European countries
with the highest number of Ukrainian refugees
Country Amount, € per months Country Amount, € per months
Poland 1,114.75 United Kingdom 3,482.35
Germany 3,812.50 Bulgaria 637.29
Czech Republic 1,249.64 France 3,929.25
Italy 3,141.61 Romania 742.40
Spain 2,417.78 Slovakia 1,258.82
Source: compiled by the authors according to the data (
Середня та мінімальна зарплата в Європі у 2023
році. Migrant.biz.ua : Робота, міграція, туризм і навчання у країнах світу : Офіційний веб-сайт. URL:
https://migrant.biz.ua/
dovidkova/emigracia/zarplata-v-ievropi.html
(дата звернення: 05.06.2024).
Table 6. The cost of fuel in 10 European countries with the highest number of
Ukrainian refugees
Country А-95, € Diesel, € Gas, €
Poland 1.42 1.50 0.67
Germany 1.77 1.75 1.08
Czech Republic 1.58 1.52 0.74
Italy 1.84 1.80 0.80
Spain 1.62 1.58 0.98
United Kingdom 1.64 1.86 0.85
Bulgaria 1.29 1.41 0.59
France 1.85 1.80 0.98
Romania 1.34 1.48 0.81
Slovakia 1.54 1.55 0.78
Source: compiled by the authors according to the data (
Бензин в Європі. Auto Travels : Офіційний веб-сайт. URL:
https://autotravels.com.ua/petrol-europe
(дата звернення: 06.09.2024).
Олійник Н. М., Лиженкова Т. Р. РЕНТАБЕЛЬНІСТЬ ПІДПРИЄМСТВА В УМОВАХ ВОЄННОГО ЧАСУ: ЗАГРОЗИ ТА МОЖЛИВОСТІ...
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. 2024. Випуск/Issue 68
and compare this indicator in three countries:
Ukraine, Poland, and Germany, taking
into account a single category – renting
warehouse premises with approximately
similar conditions.
Renting a production facility on the
1st fl oor for manufacturing or storage, or
a workshop with an area of 900 m² in the
Brovary district of the Kyiv region in Ukraine
costs 135,000 UAH/month1.
The cost of a facility with a
warehouse and offi ce in the Polish city
1 Оренда комерційної нерухомості. 100realty.ua : Офіційний
веб-сайт. URL: https://100realty.ua/uk/realty_search/nonlive/rent/
prof_5082/cur_3/kch_1 (дата звернення: 05.06.2024).
of Olsztyn with an area of 1,130 m² is
18,000 PLN/month, or 188,343 UAH/
month. It is worth noting that although the
national currency of Poland is the zloty, the
rent for warehouses is mainly indicated in
euros and largely depends on the location.
For example, rental costs in the suburbs
of the capital can reach about 6 euros
per 1 m² 23.
The price for warehouse and production
zones near the gates of Hamburg in Germany
with an area of 7,328 m² is 7.75 €/m² per
2 Довідник, що зробити, щоб орендувати склад в
Польщі. Бізнес в Польщі : веб-сайт (01 лип. 2022). URL: https://
www.kkz.com.pl/uk/2022/07/01/how-to-rent-a-warehouse/ (дата
звернення: 23.10.2024).
3 Оренда складу в Польщі : веб-сайт. URL: https://
www.magazyn-odreki.pl/uk/ (дата звернення: 23.10.2024).
Fig. 7. Average salary in 10 European countries with the highest number of Ukrainian refugees, € per months
Source: built by the authors according to the data (
Середня та мінімальна зарплата в Європі у 2023 році.
Migrant.biz.ua : Робота, міграція, туризм і навчання у країнах світу : Офіційний веб-сайт. URL:
https://migrant.biz.ua/dovidkova/
emigracia/zarplata-v-ievropi.html
(дата звернення: 05.06.2024).
Table 7. The cost of fuel in Ukraine, Poland, and Germany
Country А-95, € Diesel, € Gas, € Average cost, €
Ukraine 1.34 1.17 0.75 1.09
Poland 1.42 1.50 0.67 1.20
Germany 1.77 1.75 1.08 1.53
Table 8. The cost of renting warehouse premises in Ukraine, Poland, and Germany
Country
The area of
leased territory
of warehouse
premises, m²
The cost of leased territory of warehouse premises
per months per 1 m²
The national currency
of the country UAH The national currency of
the country UAH
Ukraine 900 135,000 UAH 135,000 150.00 UAH 150.00
Poland 1,130 18,000 zlotys 188,343 15.93 zlotys 166.68
Germany 7,328 56,792 € 2,539,062.42 7.75 € 346.49
Oliinyk N., Lyzhenkova T. PROFITABILITY OF ENTERPRISE IN THE CONDITIONS OF WARTIME: THREATS AND OPPORTUNITIES
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month, or 2,539,062.42 UAH/month1.
In Table 8, data on the average cost of
renting warehouse premises in Ukraine,
Poland, and Germany is systematized and
analyzed.
As a result of the large-scale invasion
of Russian troops into Ukraine, «Nova
Post» faced a number of problems, such as
blocking of branches due to the occupation of
Ukrainian territories, losses due to property
damage, diffi culties in logistics, and rising
fuel prices, which led to an increase in the
cost of all provided services. In particular,
1 Lager- und Produktionsfl ächen vor den Toren Hamburgs.
URL: https://www.colliers.de/gewerbeimmobilien/objekt/logistik-
hamburg-h-p5926/ (дата звернення: 23.10.2024).
the company carried out a procedure to
generalize the categories of shipments,
especially for parcels weighing up to 30 kg.
Table 9 provides a comparison of categories
and the cost of shipments in 2021 and 2023.
Therefore, we see that there are currently
three main categories of parcels according to
which shipments of up to 30 kg are processed
and paid: small – up to 2 kg, medium – up to
10 kg, large – up to 30 kg. In 2023, compared
to 2021, the prices for these categories have
increased as follows: shipments up to 2 kg have
a price higher by 15 UAH, or 0.27%, shipments
up to 10 kg – by 30 UAH, or 0.43%, and
shipments up to 30 kg – by 30 UAH, or 0.27%.
Taking into account the mileage between
Kyiv and Warsaw and Kyiv and Berlin, we
Fig. 8. Level of fuel prices in 10 European countries with the highest number of Ukrainian refugees, €
Source: built by the authors according to the data Бензин в Європі. Auto Travels : Офіційний веб-сайт. URL:
https://autotravels.com.ua/petrol-europe (дата звернення: 06.09.2024).
Table 9. Categories and costs of shipments in 2021 and 2023
Weight up to
(inclusive), kg
The cost of shipping Change in cost
2021 2023 UAH %
0.5 45 - - -
150---
2 55 70 +15 +0.27
560---
10 70 100 +30 +0.43
20 90 - - -
30 110 140 +30 +0.27
Source: compiled and summarized by the authors based on data from (Нова пошта : Офіційний
веб-сайт. URL: https://novaposhta.ua/ (дата звернення: 04.09.2024).
Олійник Н. М., Лиженкова Т. Р. РЕНТАБЕЛЬНІСТЬ ПІДПРИЄМСТВА В УМОВАХ ВОЄННОГО ЧАСУ: ЗАГРОЗИ ТА МОЖЛИВОСТІ...
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. 2024. Випуск/Issue 68
can determine an approximate price for the
delivery of a 30 kg shipment from Ukraine
to Germany and from Germany to Ukraine
proportionally (Table 10).
Assuming that a third of Ukrainian
refugees currently in Germany will use the
services of the «Nova Post» company, namely
to send a 30 kg shipment, and taking into
account the ratios of fuel costs, wage size,
and warehouse rental costs, we can predict
the net income, cost, and gross profi t of the
logistics company as a result of opening 8
branches of «Nova Post» in Germany. The
calculated data is presented in Table 11.
Since the implementation of the
proposed direction will result in a gross profi t
of 8,705,296 thousand UAH, profi tability of
services of 38.65%, gross margin of 27.88%,
staff profi tability by gross profi t of 624.8
thousand UAH per person for the year for
logistics company «Nova Post», opening 8
branches of this delivery service in Germany
is justifi ed.
Conclusion. We can conclude that
profi tability is a crucial fi nancial metric that
measures the company’s effi ciency in utilizing
its resources to produce profi ts. There are
several ways to assess profi tability. Under
peaceful conditions and market economy it is
necessary to use the following of indicators
to calculate the profi tability of an enterprise:
return on assets (ROA), return on equity
(ROE), operating profi tability, profi tability of
production or services, profi tability of sales
of products by gross profi t (or gross margin),
profi tability of sales of products by net profi t
(or net margin), and profi tability of individual
products. Under conditions of martial law
and large-scale military operations, one
of the key types of profi tability is the staff
profi tability, as the country’s economy during
the war effectively transitions to a command-
administrative system. Those indicators
among other profi tability measures,
provide insight into a company’s fi nancial
performance and are crucial for evaluating its
overall success.
The analyzed enterprise «Nova Post»
is one of the largest international logistics
companies in Ukraine, specializing in providing
services for the shipment of domestic and
international postal items, ancillary postal
services, distribution of periodicals, courier
delivery, and recently also humanitarian aid
delivery to hotspots in the country. Speaking
of the profi tability of this enterprise, it should
be noted: in 2022 compared to 2021, there is
a decrease in almost all the listed profi tability
indicators (besides operating profi tability and
staff profi tability by gross profi t). The most
signifi cant changes were experienced by return
on equity (ROE). In 2023, compared to 2022,
there is an increase in all the listed indicators
(besides operating profi tability). The following
Table 10. Calculation of the cost of shipping a 30 kg shipment
from Ukraine to Germany and from Germany to Ukraine
Mileage, km. Cost of shipping a 30 kg shipment, UAH
Kyiv-Warsaw 823 600
Kyiv-Berlin 1383 1000
Source: compiled and calculated by the authors based on data from (Нова пошта : Офіційний веб-
сайт. URL: https://novaposhta.ua/ (дата звернення: 04.09.2024).
Table 11. Justifi cation for the expediency of opening branches
of the logistics company «Nova Post» in Germany
Indicators Value
Net income from product sales as a result of opening 8 branches in Germany, thousand UAH 22,894,108
Cost of goods sold as a result of opening 8 branches in Germany, thousand UAH 14,188,812
Gross profi t as a result of opening 8 branches in Germany, thousand UAH 8,705,296
Profi tability of production or services, %
in 2023 27.40
as a result of opening 8 branches in Germany 38.65
Gross margin, %
in 2023 21.51
as a result of opening 8 branches in Germany 27.88
Staff profi tability by gross profi t, thousand UAH per person for the year
in 2023 297.9
as a result of opening 8 branches in Germany 624.8
Oliinyk N., Lyzhenkova T. PROFITABILITY OF ENTERPRISE IN THE CONDITIONS OF WARTIME: THREATS AND OPPORTUNITIES
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2024. Випуск/Issue 68
indicators increased signifi cantly: staff
profi tability by gross profi t and staff profi tability
by net profi t. The conducted analysis indicates
the presence of unused reserves to increase the
profi tability of logistics company «Nova Post».
With the aim of signifi cant growth in
the level of profi tability of logistics company
«Nova Post», the direction of opening 8
delivery service branches in Germany has
been thoroughly considered and justifi ed, as
there is a signifi cant number of Ukrainian
refugees there due to the armed aggression
of the russian federation, among whom the
services offered by logistics company «Nova
Post» will become particularly relevant. The
calculations carried out made it possible to
establish that, under the given conditions,
the logistics company «Nova Post» will
receive more than 8,705 million UAH in
additional gross profi t, so this proposal is
expedient.
Prospects for further research in the
subject matter of this article are related
to the development of adapted methods of
assessing the profi tability of the enterprise
and individual elements.
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Kirana C., Edward Yu. R., Ariesa Ye., Purba M. R. THE INFLUENCE OF WORK DISCIPLINE AND JOB CHARACTERISTICS ...
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Наталія Миколаївна Олійник*,
кандидат технічних наук, доцент
oliynyk.nataliya@kntu.net.ua
https://orcid.org/0000-0002-1019-5708
Тетяна Русланівна Лиженкова*,
аспірантка
s23676@kntu.net.ua
https://orcid.org/0009-0008-5072-699X
*Херсонський національний технічний університет, Бериславське шосе, 24, Херсон, 73008, Україна
РЕНТАБЕЛЬНІСТЬ ПІДПРИЄМСТВА В УМОВАХ ВОЄННОГО ЧАСУ: ЗАГРОЗИ ТА МОЖЛИВОСТІ
Метою статті є формування чіткого уявлення щодо підходів до обчислення рентабельності
вітчизняних підприємств в умовах воєнного часу, аналіз поточного стану та визначення напрямів
підвищення рентабельності логістичної компанії «Нова Пошта». У процесі роботи були застосовані
такі загальні методи дослідження, як порівняння, статистичні угрупування, структуризація, прогно-
зування та системний підхід.
Проведене дослідження дає підстави встановити, що на сучасному етапі розвитку економіки
провідне місце в аналізі діяльності підприємств належить показнику рентабельності. Зокрема
важливість даного показника виявляється у ході аналізу діяльності господарюючих суб’єктів в
умовах військового стану, адже саме він дає можливість найбільш змістовно та детально оцінити
ефективність використання ресурсів та прибутковість підприємства в цілому, зважаючи на певні
складнощі у правовому, економічному та соціально-політичному середовищі держави. Встановле-
но, що за мирних умов та ринкової економіки (на всій території країни), а також за умов гібридної
війни на тій частині території, де не ведуться бойові дії та зберігаються ринкові відносини, слід
використовувати три наступні групи показників для розрахунку рентабельності підприємства:
витратні, дохідні й ресурсні. За умов запровадження воєнного стану та ведення повномасштабних
бойових дій рентабельність підприємства доцільно розраховувати за показниками рентабельності
персоналу підприємства, оскільки економіка держави під час війни фактично переходить до
командно-адміністративного ладу. Для успішного розвитку підприємства необхідно постійно пра-
цювати над пошуком доцільних напрямів підвищення його прибутковості та рівня рентабельності.
Якщо логістична компанія «Нова Пошта» прагне максимізувати обсяги прибутку, вона мусить пев-
ним чином або скоротити витрати, або збільшити чистий дохід. Найбільш дієвими напрямами є:
збільшення кількості поштоматів; підбір кваліфікованих та відповідальних працівників; повернен-
ня бонусної системи; поширення відділень у інших країнах, зокрема у Німеччині. Запропоновано
та обґрунтовано проєкт відкриття 8 відділень служби доставки логістичної компанії «Нова пошта»
на території Німеччини.
Ключові слова: рентабельність підприємства, прибуток, воєнний стан, логістична
компанія, українські переселенці, пересилання поштових відправлень.
JEL Classifi cation: M21; L25; F15.
Внесок авторів: всі автори зробили рівний внесок у цю роботу.
Конфлікт інтересів: автори повідомляють про відсутність
конфлікту інтересів
Authors Contribution: All authors have contributed equally to this
work
Confl ict of Interest: The authors declare no confl ict of interest
Стаття надійшла до редакції 18.10.2024 р.
Стаття рекомендована до друку 20.11.2024 р.
The article was received by the editors 18.10.2024.
The article is recommended for printing 20.11.2024.
