Naftogaz Ukrainy, the parent company of Naftogaz Group, made a net profit of UAH 7.7 billion in the first quarter of 2023 against a net loss of UAH 24.6 billion in the same period last year, the company said in a press release on Tuesday.
“This result was possible due to a significant improvement in the financial performance of the group’s key enterprises compared to the first quarter of 2022,” said Naftogaz Group head Oleksiy Chernyshev, whose words are quoted in the report.
At the same time, the consolidated loss at the end of January-March 2023 amounted to UAH 1.395 billion against UAH 57.579 billion for the same period last year. Consolidated income from sales decreased by 23.1% (by UAH 20.626 billion) to UAH 68.54 billion. Gross consolidated loss amounted to UAH 12.097 billion against UAH 34.156 billion in the first quarter of 2022.
According to data reflected in the consolidated financial statements of Naftogaz Group for January-March 2023, the group’s consolidated operating profit in the period amounted to UAH 3.42 billion, while in the first quarter of last year the group had a consolidated operating loss of UAH 57.032 billion.
“The generation of operating profit is an important indicator of business consistency. This is a significant achievement, given the war and the starting positions from which we started work,” Chernyshev emphasized.
As explained in Naftogaz, the statements also show that the main reportable segments of the group showed net operating profit for the first quarter of 2023.
“The group’s enterprises that ensure fulfillment of special obligations (SOO, provision on special obligations – IF), supplying natural gas to socially sensitive categories of consumers, also significantly improved the level of cash collection for gas supplied,” the press release said.
This allowed the enterprises to significantly improve the operating financial result: losses in the mentioned reporting period amounted to only UAH 6.3 billion compared to UAH 33 billion of losses in the first quarter of 2022, the report said.
“It should also be added that during January-March 2023 to the consolidated budget of Ukraine enterprises of Naftogaz group paid taxes in the amount of UAH 26 billion, which is more than 7% of all tax revenues of the state for the corresponding period”, – added in the company.
At the same time, in April 2023, the group successfully completed the 2022/2023 heating season under the PCP without receiving any additional funding from the state.
“Moreover, even without additional support, the group not only retains, but increases the production of Ukrainian gas under war conditions,” Naftogaz noted.
