Naftogaz reports billions in profit
26 December 2024 15:22
Naftogaz Group has improved its financial performance, earning UAH 23.3 billion in net consolidated profit for 9 months of 2024. This is UAH 8 billion more compared to the same period last year, when the profit amounted to UAH 15.3 billion, according to "Komersant Ukrainian" with reference to the company’s press service.
The company’s operating profit also increased to UAH 32.4 billion, up from UAH 25.2 billion in the same period in 2023.
Naftogaz remains one of the largest taxpayers in Ukraine, having paid almost UAH 67 billion to the budget in January-September 2024.
The company continues to provide natural gas to about 12.4 million households, maintaining a fixed tariff under the Public Service Obligation (PSO).
According to Roman Chumak, Acting Chairman of the Board of Naftogaz of Ukraine Roman Chumak, the group’s companies continue to operate smoothly despite all the current challenges, ensuring a steady increase in hydrocarbon production.
As reported , Naftogaz is not only launching new wells and increasing production, but also purchasing 400 kg of coffee for the new year.
Also, Naftogaz will spend UAH 4.5 million to find a new CEO.
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Naftogaz of Ukraine
Naftogaz of Ukraine is the largest state-owned oil and gas company founded in 1998. The company is a monopolist in the transit and storage of natural gas in underground storage facilities. Until 2019, it owned the largest gas transportation system in Europe, which was subsequently transferred to the management of LLC GTS Operator of Ukraine as part of unbundling.
Throughout its history, the company has experienced both periods of loss (especially in 2014-2015 due to hryvnia devaluation and debts) and significant profits. The largest net profit was recorded in 2017 – UAH 39.4 billion, after winning the Stockholm arbitration against Gazprom. In 2020, the company suffered record losses of UAH 19 billion due to falling gas prices and quarantine restrictions.
Naftogaz is a strategically important enterprise for Ukraine’s energy security. In 2022-2023, despite the full-scale war, the company ensured stable gas supplies to consumers and increased its own production. The group includes such companies as Ukrgasvydobuvannya, Ukrnafta, Ukrtransnafta and others.
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