2023-04-14T09:50:00+03:00 Politics 2024-09-15T05:37:39+03:00

Ukrainian news

Ukrnafta posts profit of UAH 4.3 billion for Q1

Ukrnafta posts profit of UAH 4.3 billion for Q1

In the first quarter of 2023, Ukrnafta, the largest oil-producing company, ended with a net profit of UAH 4.3 billion.

This follows from a statement by the company, the Ukrainian News agency reports.

"According to preliminary estimates, in the first quarter, Ukrnafta received about UAH 4.3 billion in net profit. This indicator is equal to the net profit received by the company in the peaceful year of 2020 (UAH 4.3 billion) and is almost twice the result for 2021 – UAH 2.4 billion. This was achieved due to comprehensive work on increasing production, implementing the open market sale of hydrocarbons, optimizing costs, and eliminating non-transparent schemes," said company director Serhii Koretskyi.

According to him, the company has set an ambitious financial goal of obtaining UAH 12 billion in net profit in 2023.

As the Ukrainian News agency earlier reported, in 2023, Ukrnafta plans to increase oil production by 6% year over year to 1.45 million tons.

In 2022, Ukrnafta reduced oil production by 8.6% year over year to 1.37 million tons.

Previously, the shares of Motor Sich, Ukrnafta, AvtoKrAZ, ZTR, and Ukrtatnafta were alienated into the state's property during the martial law period.

After its completion, the assets may be returned to their owners, or their value may be reimbursed.