Naftogaz Group swings to $270 mln net profit for Q1

MOSCOW. June 27 (Interfax) - Ukraine's Naftogaz Group had consolidated net profit of UAH 10.9 billion or $269.1 million for Q1 2024, compared with net losses in the same period of last year, Ukrainian media reported, quoting a company press release.

"Net profit in the first quarter of 2024 amounted to UAH 10.9 billion, whereas in the same period last year, the Group incurred a net loss of UAH 1.4 billion," it said.

Consolidated operating profit rose 3.6-fold to UAH 12.4 billion from UAH 2.4 billion.

The Group paid UAH 18.2 billion in taxes to the state budget. This accounts for 6% of all payments controlled by the State Tax Service of Ukraine.

"With joint efforts we are strengthening our positions, demonstrating better financial performance. In the first quarter of 2024, we improved the financial result of the Group's parent company, Naftogaz of Ukraine. It received a net profit of UAH 8.1 billion, which is UAH 0.4 billion more than in the same period of 2023," CEO Alexei Chernyshov was quoted as saying.

Consolidated net profit was UAH 23.1 billion in 2023 compared with a loss of UAH 79.1 billion in 2022.

Naftogaz includes Ukraine's largest oil and gas producers, the main one being Ukrgasvydobuvannya, as well as trading, retail and heating companies. The group has a monopoly on natural gas storage in underground storage facilities (Ukrtransgaz) and oil transportation by pipeline through the country (Ukrtransnafta).