Ukrainian energy trader ECU quadruples net profit in 2023

MOSCOW. March 15 (Interfax) - Energy Company of Ukraine (ECU) saw its net profit surge 340% to UAH148.9 million in 2023, Ukrainian media reported, citing a press release from the state energy trader.

"ECU is strengthening its positions on the market, expanding its client base and line of market products," company CEO Vitaly Butenko was quoted as saying in the release.

ECU is expected to pay 80% or UAH119.1 million of its net profit to the government as dividends. The company also paid UAH90.3 million in taxes and fees on its operations in 2023, so its total contribution to the state budget will exceed UAH209.4 million.

ECU buys, sells and supplies energy resources, including through imports and exports. The wholly state-owned company is one of the top five traders in Ukraine by electricity sales.