State-owned energy trader Energy Company of Ukraine (ECU) has transferred UAH 100.4 million in dividends to the state budget of Ukraine based on the results of its operations in 2023.
In a press release on Monday, the company said that by doing so, it became the first company to make such payments among all enterprises managed by the State Property Fund (SPF) of Ukraine.
“Today, our primary focus is to ensure reliable supply of electricity to Ukrainian consumers in the face of energy shortages. To this end, we are increasing imports, developing cooperation with electricity producers, and launching new products and services. At the same time, our activities create new sources of revenue for the state in a very difficult period for the Ukrainian economy,” commented Vitaliy Butenko, CEO of ECU.
According to Vitaliy Koval, Head of the SPFU, ESU demonstrates how state assets can work and generate significant profits for the state, and the dividends paid by the company will be a significant contribution to the state budget, which, in particular, finances the Ukrainian Defense Forces.
The company noted that the amount of dividends paid by it in the first five months of commercial activity in 2022 amounted to UAH 27.1 million.
As reported, Energy Company of Ukraine JSC is a national energy trading company established in the summer of 2022 that carries out operations for the purchase, sale and supply of energy resources, in particular through import and export operations.
“The company is one of the top 5 traders in Ukraine in terms of electricity sales and founded the first state-owned balancing group of electricity market participants, currently the second largest in Ukraine. The company is 100% owned by the state.
In 2023, the net profit of the company amounted to UAH 148.9 million, which is more than four times higher than in 2022, and contributions to the state budget amounted to UAH 209.4 million.
