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Naftogaz Ukrainy completes Q1 2023 with net profit of $209 million

12.07.23 10:26
NJSC Naftogaz Ukrainy, the parent company of Naftogaz Group, received net profit of UAH 7.7 billion (US$ 208,730,291) in the first quarter of 2023 versus UAH 24.6 billion (US$ 666,852,618) of net loss for the same period last year, the company's press release reported.

"This result was made possible due to a significant improvement in the financial performance of the key enterprises of the group compared to the first quarter of 2022," Oleksiy Chernyshev, head of Naftogaz Group, said.

According to the data reflected in the consolidated financial statements of Naftogaz Group for January-March 2023, a consolidated operating profit of the group in the specified period amounted to UAH 3.4 billion (US$ 92,166,622), while in the first quarter of last year the group received a consolidated operating loss in the amount of UAH 57 billion (US$ 1,545,146,310).

"Receiving operating profit is an important indicator of business continuity. This is a significant achievement, given the war and the positions from which we started work," Chernyshev emphasized.

As Naftogaz explained, the reporting also shows that the main reportable segments of the group showed net operating profit in the first quarter of 2023.

"Enterprises of the group that ensure the fulfillment of special obligations (PSO, regulation on special obligations), supplying socially sensitive categories of consumers with natural gas, also significantly improved the level of collection of funds for the supplied gas," the press release states.

This allowed enterprises to significantly improve their operating financial results: losses in the reporting period amounted to only UAH 6.3 billion (US$ 170,779,329) compared to UAH 33 billion (US$ 894,558,390) in losses in the first quarter of 2022, the report says.

"It should also be added that during January-March 2023, the enterprises of Naftogaz Group paid taxes in the amount of UAH 26 billion ($704,803,580) to the consolidated budget of Ukraine, which is more than 7% of all state tax revenues for the corresponding period," the company added.

At the same time, in April 2023, the group successfully completed the 2022/2023 heating season under the PSO without receiving any additional funding from the state.

"Moreover, even without additional support, the group not only keeps, but increases production of Ukrainian gas in the conditions of war," Naftogaz noted, Interfax-Ukraine reports.