Ukrnafta earns $0.6 bln net profit in 2023, tenfold increase versus 2021

MOSCOW. April 4 (Interfax) - PJSC Ukrnafta earned a net profit of UAH 23.6 billion ($602 million at the current exchange rate) in 2023, Ukrainian media reported, citing a statement from CEO Sergei Koretsky.

Koretsky's statement, posted on social media, said that an independent audit of the reporting had been conducted by Grant Thornton Ukraine.

The company did not release figures for 2022. Net profit for 2021 totaled UAH 2.4 billion. The company's 2023 results represented a tenfold increase compared to 2021.

"Last year's dividends are twice the cumulative result of the last 10 years. I never tire of thanking each and every one who works in the company, and I will once again emphasize that public administration can and should be effective," Koretsky noted.

The financial plan of Ukrnafta for 2024, approved by the Cabinet of Ministers, assumes net income of UAH 118 billion and net profit of UAH 18 billion.

Ukrnafta is the largest oil producing company in Ukraine and is the operator of a national chain of gas stations. The largest shareholder is NJSC Naftogaz of Ukraine, with a share of 50% + 1 share. Shares of the company's corporate rights that belonged to private owners have been under state management since November 2022.

The official exchange rate as of April 4 is 39.2 UAH/$1.