Naftogaz Group reports UAH 6.6 billion profit in first half of 2023

Naftogaz Group reported UAH 6.6 billion profit for the first half of 2023. Consolidated operating profit for the same period amounted to UAH 14 billion.

This is a significant achievement, especially when compared to the same period last year, when Naftogaz Group reported a consolidated operating loss of UAH 55.3 billion.

The financial statements for the first six months of 2023 have been independently audited and confirmed by an international auditing company.

The Group has significantly improved its net consolidated profit for the first half of 2023, which now stands at UAH 6.6 billion. During the same period last year the Group reported a loss of UAH 57.2 billion.

These positive financial results have enabled the Company to meet its Eurobonds requirements and fulfill its obligations under other credit agreements.

The only segment that did not show a profit was the gas sales segment. This can be attributed to the supply of natural gas to consumers under the PSO regime at state-set prices.

The Group's improved financial results were primarily achieved through effective management of receivables and resolution of the issue of unauthorized gas withdrawals.

During January-June 2023, Naftogaz Group enterprises contributed  UAH 48.4 billion in taxes to the consolidated budget of Ukraine, accounting for more than 8% of all state tax revenues for the corresponding period.

In April 2023, the Group successfully managed ahistorically challenging heating season under PSO conditions

Furthemore, Naftogaz continues to provide consumers with natural gas, increasing the production of Ukrainian gas even during wartime conditions.

The Group has prepared for the current autumn-winter period by securing the necessary volume of gas in storage to meet the needs of Ukrainian consumers in full.

In 2023, Naftogaz has continued the integration of gas distribution networks into the Group, bringing back a socially important area of activity to state control.

The effective performance of the gas storage operator has restored the confidence of foreign partners, who, even in wartime conditions, increased gas storage capacity in Ukrainian facilities to over 2.4 billion cubic meters.

This underscores Ukraine's growing importance within the European energy infrastructure, with promising prospects for the future.

The report is available here.

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