Net Profit as a Source of Financing Investment Activities of Ukrainian Enterprises Under Martial Law

The aim of the article is to study the role of net profit as a key source of financing for the investment activities of enterprises in Ukraine under martal law conditions. Based on the analysis, generalization, and systematization of scientific works, as well as statistical data on the activities of large, medium, and small enterprises, modern trends in the change of net profit of domestic enterprises in unstable economic conditions are studied. The features of the formation of own financial resources of enterprises of different sizes under conditions of limited access to external financial resources are revealed. The analysis of the dynamics of capital investments of Ukrainian enterprises showed a decrease in 2022, which was related to the full-scale invasion, and the adaptation of businesses in 2023, resulting in an increase in capital investments. As a result of the study, significant differences in the dynamics of net profit, reserve capital, and retained earnings depending on the size of the enterprise are identified. It is proved that large enterprises, in wartime conditions, demonstrate relative financial stability, form reserves, and reinvest profits into their own development. Medium-sized enterprises adapt profit management strategies, directing funds towards accumulating financial resources for future investments. In contrast, small businesses, despite being unprofitable, continue to form reserves to ensure their own stability. It is determined that in a wartime economy, net profit serves not only as a source of investment but also as a representative function for attracting external financing and a function for forming reserves. Prospects for further research include the development of new mechanisms for efficient management of profit formation and distribution in Ukrainian enterprises under wartime conditions and in the post-war period to activate investment activities.