Naftogaz Group has reported UAH 10.9 billion ($268.7 million) in internet earnings for the primary quarter of 2024, rebounding from a internet lack of UAH 1.4 billion ($34.5 million) for a similar three-month interval final 12 months.
“Naftogaz stays the spine of Ukraine in occasions of conflict”, Oleksiy Chernyshov, chair and chief govt of the state-owned built-in oil and fuel firm, mentioned in a Naftogaz assertion.
Naftogaz paid UAH 18.2 billion ($448.6 million) in taxes to the state between January and March. “This accounts for six % of all funds managed by the State Tax Service of Ukraine”, the assertion added.
By way of manufacturing Naftogaz noticed an eight % year-on-year rise in its industrial pure fuel output to 7.3 billion cubic meters (257.8 billion cubic ft) within the first half of 2024, in keeping with a separate firm report.
“For the time being, fuel manufacturing exceeds the working plan by nearly 2 %”, Chernyshov mentioned within the report Tuesday. “We managed to realize this end result by launching 41 wells, which is another than deliberate. Of those, 14 are high-rate wells producing greater than 100 thousand cubic meters [3.5 million cubic feet] of fuel each day.
“Our specialists are additionally continually analyzing outdated wells that may be introduced again into operation with new technical options”.
Final 12 months the group remitted UAH 83.4 billion ($2.1 billion) in taxes to the nationwide treasury, with an additional UAH 6.8 billion ($167.6 million) transferred to native budgets, Naftogaz introduced January 15.
In 2021 earlier than Russia’s invasion, Naftogaz paid UAH 116 billion ($2.9 billion) in taxes, accounting for 10.7 % of the state funds income that 12 months, as reported by the corporate January 2022.
For shareholders, Naftogaz introduced practically UAH 12.2 billion ($300.7 billion) in dividends for 2023, which characterize 95 % of its consolidated revenue final 12 months.
“This achievement comes regardless of fulfilling all state-imposed obligations in 2023, together with supplying fuel at a social worth to family shoppers, warmth and energy producers, budgetary establishments, and spiritual organizations”, Chernyshov mentioned.
Dangers from Battle
In its newest long-term credit standing report for Naftogaz, issued December 19, Fitch Scores mentioned “the corporate’s projected liquidity stays extraordinarily weak and unpredictable, given very excessive operational dangers in Ukraine amid the continuing conflict with Russia, sluggish funds for fuel and restricted exterior funding choices”.
Continued Russian assaults on Ukraine’s vitality infrastructure are seen slashing the nation’s financial development in 2024, in keeping with a separate Fitch Scores replace on Ukraine.
“The economic system returned to development in 2023 (5.3 %) supported by authorities spending and continued adaption of financial actors to conflict situations”, the credit standing company mentioned in an replace June 7. “Regardless of the prospect of stronger export development and elevated family incomes benefiting from actual wage will increase, we venture development to decelerate to three.2 % in 2024 because of the influence of Russian assaults on vitality infrastructure in addition to the nonetheless unsure influence of the brand new mobilization [troop recruitment] legislation”.
On December 19 Naftogaz mentioned it had obtained an award from a United Kingdom court docket affirming a world tribunal ruling on $5 billion damages from Russia’s pressured takeover in 2014 of the Crimean peninsula.
“The enforcement proceedings in England & Wales are a part of Naftogaz’s worldwide technique to recuperate USD 5 billion owed by Russia underneath the award, the biggest but issued within the numerous arbitrations introduced by Ukrainian buyers who had property confiscated by Russia in Crimea”, it mentioned then.
To contact the writer, e mail jov.onsat@rigzone.com
What do you assume? We’d love to listen to from you, be a part of the dialog on the
Rigzone Vitality Community.
The Rigzone Vitality Community is a brand new social expertise created for you and all vitality professionals to Converse Up about our business, share information, join with friends and business insiders and interact in knowledgeable group that can empower your profession in vitality.