KYIV - Ukraine's top oil producer, PJSC Ukrnafta, announced a robust financial performance for the first half of 2023, with a net profit exceeding UAH 20 billion ($552 million). The company, which also operates a national chain of gasoline filling stations, has doubled its revenue forecast for the year to UAH 95 billion, signaling a shift towards more transparent market operations.
Sergei Koretsky, director of Ukrnafta, shared these figures in an early morning Facebook (NASDAQ:META) post Today. He highlighted the company's significant contribution to the state budget, with tax payments reaching UAH 12.3 billion in H1 2023, including UAH 3.3 billion as income tax. Looking ahead, Ukrnafta plans to contribute a total of UAH 27 billion in taxes for the year, which would mark a fivefold increase compared to the average of the past decade.
The positive financial outlook comes after a period of upheaval for the company. In November 2022, during martial law, Ukrainian authorities seized shares of Ukrnafta as military property. This action excluded the majority stake held by NJSC Naftogaz of Ukraine (50% +1 share). Before the seizure, businessmen Igor Kolomoisky and Gennady Bogolyubov owned roughly 42% of the company's shares.
Despite not disclosing its financial figures for 2022, Ukrnafta's financial plan approved by the Cabinet of Ministers in May 2023 projected a net profit of UAH 12 billion and revenue of UAH 74 billion. The latest reports now far exceed those projections.
As part of its commitment to shareholders and reflecting its strong financial health, Ukrnafta anticipates distributing a minimum dividend payment of UAH 6 billion. The final decision on dividends will be subject to shareholder approval at upcoming meetings.
This substantial increase in projected revenue and profit underscores Ukrnafta's recovery and growth amidst challenging economic conditions and demonstrates its strategic importance to Ukraine's economy.
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