The net profit of Ukrgasbank (Kyiv) in January-September 2020 amounted to UAH 685.19 million, which is twice as much as in the same period of 2019 (UAH 346.98 million), according to the bank’s quarterly reports posted on its website.
According to it, in the third quarter Ukrgasbank’s net profit amounted to UAH 248.01 million, which is 3.5 times more than in July-September 2019 (UAH 70.99 million).
This growth in the indicator for the first nine months of 2020 is due to the bank’s positive result under the item “changes in expected credit losses on other assets and other reserves” (UAH 167.88 million), while last year this indicator was negative (‘minus’ UAH 587.28 million).
The bank’s net interest income (after payments for credit losses) for the nine months decreased by 10.9% compared to the same indicator a year earlier, to UAH 1.28 billion, net and commission income increased by 17.3%, to UAH 868.7 million.
Ukrgasbank’s assets in the nine months increased by 32.1%, to UAH 157.36 billion, in particular loans to customers and finance lease by 9.8% (to UAH 42.81 billion), while cash and cash equivalents decreased by 17.9% (to UAH 38.12 billion).
In addition, the bank’s investments, which are valued at a fair value through other comprehensive income, increased by 2.4 times over this period, to UAH 72.61 billion, and investment property decreased by 1.5 times, to UAH 151.65 million.
Energy generating company PJSC Donbasenergo in January-September 2020 received a net profit of UAH 1.393 million against UAH 69.257 million of net loss for the same period last year.
According to the company’s statement in the information disclosure system of the National Securities and Stock Market Commission, its net income for the reporting period increased by 9.8% (by UAH 429.648 million), to UAH 4.802 billion, and gross profit by 4.8% (by UAH 16.954 million), to UAH 367.828 million.
Donbasenergo (Sloviansk Thermal Power Plant) in the nine months produced 2.166 billion kWh of electricity (less 11.4% compared to January-September 2019), released 1.948 billion kWh (less by 11.8%), and production of heat energy amounted to 31,311 Gcal (less by 19.8%).
In addition, Donbasenergo announced a general meeting of shareholders scheduled for November 28, 2020, at which, in particular, it is planned to approve reports on the results of the company’s activities for 2019, as well as approve the main directions of the company’s activities for 2020-2022.
As reported, Donbasenergo received a net loss of UAH 68.997 million in 2019 against UAH 104.111 million of net profit in 2018.
A group of MPs has registered bill No. 4245 with amendments to the Budget Code on the electronic residency mechanism, which implies a preferential income tax rate of 5%, in the Verkhovna Rada.
According to the information on the parliamentary website, the bill was registered on October 21 by MPs from the Holos faction Yaroslav Zhelezniak, Volodymyr Tsabal, Kira Rudik and Halyna Vasylchenko, as well as MP from the Servant of the People Danylo Hetmantsev.
“The idea is simple. If you are an IT specialist from India, China, Pakistan, Germany, or even Belarus, then, being in your country, you can become an electronic resident, that is, an electronic taxpayer. And for this you will pay only one simple tax – 5%, which our sole proprietors pay from turnover,” Zhelezniak said.
According to him, this mechanism may be of interest, in particular, to citizens of Asian countries. On the other hand, this will allow attracting additional funds to the national budget, he said.
“This proposal may not be so interesting to the United States or the EU, but it will definitely be interesting to other countries, especially Asia, the East, which have not a better reputation and more complex tax legislation compared to the Ukrainian one,” Zhelezniak said.
NJSC Naftogaz Ukrainy plans to make profit based on the results of its activities in 2021-2024, the press service of the company has told Interfax-Ukraine.
Earlier, the Ministry of Finance of Ukraine published a report on fiscal risks and their impact on the state budget, in which it predicted that under the baseline scenario, Naftogaz will receive losses in the amount of UAH 4.3 billion in 2020, and UAH 7.5 billion in 2021, UAH 5.5 billion in 2022, and UAH 4.4 billion in 2023. According to the optimistic scenario for 2020-2023, the Ministry of Finance also expects extremely unprofitable activities from Naftogaz.
At the same time, Naftogaz notes that the draft financial plan assumes profitable activities in 2021-2024. The process of updating forecasts for 2021-2025 is underway.
“Like any other company, Naftogaz must consider the impact of the pandemic on our operations, the markets in which we operate, and on our customers. There are several important factors that can affect the results, but are outside the company’s control. This is the impact of the pandemic on the demand for energy in Ukraine and in the world, the severity and duration of quarantine, the resolution of the problem of accumulated debts of market participants, payment discipline, etc.,” the press service said.
“We are closely following Ukrainian and world statistics, recommendations of the leading analysts and legislative initiatives in the preparation and adjustment of our actions. So, despite the market situation, in the first half of the year we initiated a revision of capital and other costs to reduce expenses and increase efficiency,” the company said.
As reported, Naftogaz Ukrainy posted net loss in January-June 2020.
The consolidated profit of the National Bank of Ukraine (NBU) in January-June 2020 amounted to almost UAH 80 billion, which is 12.5 times more than in the same period of 2019 (UAH 6.4 billion).
According to a report on the central bank’s website, the profit was formed due to the revaluation of financial instruments for more than UAH 76 billion and interest income in the amount of more than UAH 15 billion.
“Consolidated profit is not profit to be transferred to the state budget. Obligations to transfer NBU profit to the state budget in 2021 will be formed at the end of 2020 and announced in the spring of 2021,” the press service said.
The report indicates that the NBU’s assets for the six months increased by 13%, to UAH 1.199 trillion due to the growth of international reserves by 12.6% in dollar terms and their revaluation in hryvnias due to the change in the exchange rate of the national currency to foreign currencies, while the rise in debts on refinancing loans that were issued to banks was insignificant.
In terms of NBU liabilities for the first half of the year, the volume of balances on accounts of government and other institutions increased by 3.4 times, and the amount of deposit certificates and banks’ funds declined by 31% and 35.5%, respectively, the release says.
It is specified that the consolidated financial statements of the NBU for the first half of the year were signed on August 31.
The Danish agricultural company Agromino with assets in Ukraine, the Russian Federation and Estonia in January-June 2020 received EUR 760,000 in net profit against EUR 5.25 million in net profit for the same period in 2019.
According to the company’s report on its website, total income, adjusted for the fair value of assets and reserves, for the first half of this year increased by 23.2%, to EUR 35.47 million, of which EUR 33.57 million was provided by the Ukrainian agricultural segment.
Agromino’s EBITDA for the six months of 2020 was positive and increased by 10.2%, to EUR9.7 million.
“The results for the first half of 2020 include a foreign exchange loss of EUR2.1 million. In the first half of 2019, foreign exchange gains of EUR 600,000 were received,” the report says.
In the second quarter of 2020, Agromino reduced its net profit by 12.6% compared to the same period in 2019, to EUR 7.38 million, revenue increased by 12.9%, to EUR 23.46 million.
In 2019, Agromino received EUR 2.66 million in net profit against EUR 9.55 million in net loss in 2018. Its revenue for 2019 increased by 40.9% and amounted to EUR 35.62 million.
Agromino (formerly Trigon Agri) was established in 2006. It specializes in grain and dairy production, agricultural trade.
