07:26 GMT +319 September 2019
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    A picture shows a compressor station of Ukraine's Naftogaz national oil and gas company near the northeastern Ukrainian city of Kharkiv on August 5, 2014.

    Ukraine's Naftogaz Boasts of 1st Profit in 5 Years Thanks to Russian Gas Transit

    © AFP 2019 / SERGEY BOBOK
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    The Ukrainian Naftogaz national joint-stock company's net profits reached $984 million last year for the first time in five years mostly from natural gas transit, its press service said Tuesday.

    KIEV (Sputnik) — The company's press service said its audited financial statements as a separate non-consolidated legal entity indicated that "beginning in 2016, Naftogaz has turned from a recipient of budgetary assistance to a donor to the state budget."

    "In 2016, Naftogaz received a net profit for the first time in five years. According to the results of 2016, Naftogaz received a net profit of 26.5 billion hryvnia ($984 million), which was mainly achieved through transit profit," the firm said.

    Its plan to pay the Ukrainian government dividends of $492 million, or 50 percent of profits, is expected to be finalized by the Ukrainian cabinet by April 30.

    Naftogaz posted losses of $929.5 million in 2015.

    Natural gas transit proved to be the Ukrainian company's most profitable segment at over $1 billion, while wholesale gas sales delivered losses of $108 million.

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    gas transit, Naftogaz, Ukraine
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