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Photo: “Naftogaz” (Vitaliy Nosach, RBK-Ukraine)
The state company stopped being profitable again
The consolidated net loss of the Naftogaz group in the first half of 2020 amounted to 11,541 million UAH. Last year, Naftogaz received 24,704 billion UAH in profit for this period.
This is stated in the company’s interim financial statements, as announced on the NAC website.
According to financial statements, the net income of the company amounted to 71,403 billion UAH (in the first half of 2019, 90,605 billion UAH).
Naftogaz Group CFO Peter van Drill commented on the company’s activities: “In difficult conditions caused by the notable impact of the COVID-19 pandemic, a significant drop in gas prices and demand, Naftogaz was able to provide significant cash flow. UAH dividends for our shareholder – the state of Ukraine. “
As RBC-Ukraine reported, Naftogaz was unbundled in 2019, as a result of which the company’s gas transportation system was withdrawn. Since January 1, 2020, gas transit is in charge of the GTS Operator of Ukraine company, controlled by the Ministry of Finance.
At the same time, Naftogaz retained control of underground gas storage facilities, as well as oil and gas production.
As a reminder, on June 30, NJSC Naftogaz Ukrainy transferred to the state budget the second payment of dividends in the amount of UAH 39.625 billion. Thus, the state-owned company paid dividends for 2019 in the amount of UAH 48.125 billion, which is 95% of the profits.
Note that the Cabinet of Ministers has set the standard for the allocation of dividends to the state budget for 2019 at 95% for Naftogaz.
