Ukrnafta boosts net profit by 17.7 times in Q1 2018

Source : 112 Ukraine

In 2017, Ukrnafta cut its production of oil and gas condensate by 9.2%.
18:05, 30 April 2018

Between January and March 2018, PAO Ukrnafta has recorded a net profit of $48.5 million, indicating a 17.7-fold rise ($47.5 million) compared to the same period last year, Interfax-Ukraine reports. 

Related: Ukrnafta pays $12 million towards overdue tax debt

According to a company report on the information disclosure system of the National Commission on Securities and the Stock Market, the corporation’s net profit for the first three months of the current year rose by 25.9%, to $318 million, whereas its gross profit added 49.6%, and reached $185.3 million.

In 2017, Ukrnafta cut its production of oil and gas condensate by 9.2% (or 139,000 tons) compared to the 2016 figure, to 1.38 million tons. The corporation also reduced its production of gas by 14.8% (or 193 million tons), to 1.11 billion cubic meters. What concerns production of liquefied gas, Ukrnafta managed to produce 13.4% less of it than in 2016, to 116,000 tons.

Related: Oil at $25 a barrel is critical for Ukraine’s leading oil company “Ukrnafta”

Naftogaz-Ukraine owns a 50% plus one share stake in Ukrnafta, while the ex-shareholders of Privatbank (Kyiv) own some 42% of the shares.

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