Ukraine's Ukrnafta sees net profit of $390 mln in H1 2023 - company director

MOSCOW. Nov 14 (Interfax) - PJSC Ukrnafta, Ukraine's largest oil producing company and operator of a national chain of gasoline filling stations, saw net profit of UAH 14.1 billion in January-June 2023 [about $390 million at the current exchange rate], Ukrainian media reported, citing company director Sergei Koretsky's post on social media on Tuesday.

"Net profit totaled UAH 14.1 billion for the first half of 2023. Net profit has currently exceeded UAH 20 billion. This is net profit from business activities, the result after paying all taxes, particularly income tax, without any changes in the accounting policy," Koretsky posted.

Koretsky said that the company's projected revenue is UAH 95 billion for the current year, double the average annual income over the last decade. "And the rise in oil prices has nothing to do with it; [it is] transparent market operations without intermediaries," he emphasized.

Koretsky also clarified that the company paid UAH 12.3 billion in taxes for the first half of the year, particularly UAH 3.3 billion in profit tax. The plan for paying taxes is UAH 27 billion for the entire year of 2023, including around UAH 5 billion in profit tax.

The company has not disclosed interim and final financial figures for 2022.

Ukraine's Cabinet of Ministers in May approved PJSC Ukrnafta's financial plan for 2023, envisaging generating UAH 12 billion in net profit [exceeded $328 million at the time] and UAH 74 billion in revenue [over $2 billion].

NJSC Naftogaz of Ukraine is the largest shareholder of Ukrnafta with a stake of 50% +1 share. The Ukrainian authorities in November 2022 decided to seize the shares of Ukrnafta, with the exception of the Naftogaz stake, under state ownership as military property for the duration of martial law. Entities of Igor Kolomoisky and Gennady Bogolyubov owned around 42% prior to the seizure.

The official exchange rate as on November 14, 2023, is UAH 36.16/$1.