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Economy 2018-10-15T05:04:48+03:00
Ukrainian news
Naftogaz Top Management's Remuneration Up 13-Fold To UAH 86.587 Million In 2016

Naftogaz Top Management's Remuneration Up 13-Fold To UAH 86.587 Million In 2016

The total amount of remuneration (salary and bonuses) of the Naftogaz of Ukraine national joint stock company's top management was UAH 86.587 million in 2016, which is 13 times more than their total remuneration in 2015 (UAH 6.551 million).

This is stated in Naftogaz of Ukraine's audited annual financial statements as a separate legal entity (not consolidated), which is published on the company's website, Ukrainian News Agency reports.

In 2016, the top management of the company consisted of the four members of its board (Andrii Kobolev, Serhii Pereloma, Serhii Konovets, and Yurii Kolbushkin) and six department directors.

This means that the company's senior management received an average of UAH 8.66 million per year in 2016.

In 2015, when the top management of the company consisted of the abovementioned four board members and four department directors of the directions were meant, the average remuneration was UAH 832,600.

The significant increase in the remunerations of Naftogaz of Ukraine's top management occurred in the first half of 2016.

As Ukrainian News Agency earlier reported, Naftogaz of Ukraine made a net profit of UAH 26,528.989 million in 2016, compared with a net loss of UAH 27,749.272 million in 2015.

Naftogaz of Ukraine's net revenue increased by 43.12% or UAH 48,621.156 million to UAH 161,382.827 million in 2016, compared with 2015.

Most of its profits in 2016 came from services involving transit of natural gas.

The most profitable area of Naftogaz of Ukraine's operations was transit of natural gas (a profit of UAH 28.7 billion).

At the same time, the company made a loss of UAH 2.9 billion on "wholesale gas trade" operations.

Forty percent of the loss was due to sale of gas to households and heating utilities.

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