Economy 2024-05-15T05:29:22+03:00
Ukrainian news
Naftogaz Group Cuts Loss 34.6 Times To UAH 57.2 Billion Over H1

Naftogaz Group Cuts Loss 34.6 Times To UAH 57.2 Billion Over H1

Naftogaz, Naftogaz of Ukraine, Naftogaz group

In the first six months of 2022, the group of the Naftogaz of Ukraine national joint-stock company increased its loss 34.6 times, or by UAH 55.5 billion, to UAH 57.159 billion year over year.

This is stated in the financial report of the company for 6 months of 2022, Ukrainian News Agency reports.

The group finished the first quarter of 2022 with a loss of UAH 57.579 billion, and the second quarter - with a profit of UAH 420 million.

In the first half of the year, Naftogaz increased its income by 18.2%, or by UAH 19.24 billion, to UAH 124.8 billion.

"The main factors in the formation of the loss in the first quarter were additional contributions to the doubtful debt reserve, related to a decrease in the assessment of the solvency of the company's counterparties as a result of the outbreak of a full-scale war, as well as the negative difference between the purchase value of the imported gas and the price of its sale in accordance with the special duties assigned to the company by the state, also due to the outbreak of a full-scale war, the compensation mechanism of which was not determined at the end of the first quarter. Also, the loss factor of the company in the first quarter was the destruction of its assets due to shelling by the Russian Federation," the report said.

It is also noted that the profit in the second quarter of the company was achieved, in particular, due to reduced costs and a legislative settlement of the problem of compensation for special duties assigned by the state to the company.

The report also says that in accordance with the consolidated financial plan of Naftogaz for 2022, approved by the company's board, according to the results of the year, a profit of UAH 91.8 billion is provided.

At the same time, one of the key factors of this is the receipt of compensation "for the difference in tariffs," provided by law, district heating providers and operators of gas distribution networks.

"Naftogaz should also receive compensation provided by law for special duties imposed by the government. Such compensation should be paid from the state budget of Ukraine. In particular, this is due to the difference between the cost of imported gas and the price of its sale, which was established by the state within the framework of imposing special duties on the company. Accordingly, so that the special duties assigned by the state do not cause damage to the company, this difference must be compensated by the state," the statement said.

As Ukrainian News Agency earlier reported, the group of the Naftogaz of Ukraine national joint-stock company ended 2021 with a net profit of UAH 12.023 billion against a loss of UAH 19.002 billion in 2020.

In 2021, sales revenue increased by 36.5%, or UAH 58.15 billion, to UAH 217.384 billion.

Naftogaz of Ukraine is the leading company in Ukraine in terms of exploration and development of oil and gas deposits, drilling, transportation, and storage of crude oil and natural gas, and supply of natural gas to consumers.

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