Business news from Ukraine


9 October , 2020  

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.