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Naftogaz posts first in five years profit

The net profit of Naftogaz in 2016 exceeded 26bn hryvnia.

Naftogaz Ukrayiny earned a net profit of 26.5bn hryvnia in 2016, mainly profit gas transit.

In a release on 11 April, the company reported a 2.9bn hryvnya loss from the wholesale gas trade, 40% of this amount accounts for the sale of gas for utility consumers, a considerable improvement over 42bn hryvnia losses in 2015.

The company emphasizes that this was its first net profit in five years. Starting from 2016, Naftogaz turned a donor to the government's coffers.

In 2016, the company paid 16.3bn hryvnias in taxes and other mandatory payments to the budget. Following the results of the past year, the state-owned Naftogaz will pay 13.3bn hryvnia in dividends to the state and another 2.4bn hryvnia as advance payment for income tax.

The net income of Naftogaz grew 43%, or by 48.6bn hryvnia to 161.4bn hryvnia in comparison with 2015.

In 2015, Naftogaz posted 27.7bn hryvnia losses.