Naftogaz group almost doubles half-year profits
Naftogaz group posted a UAH 24.7 billion (US$1.02 billion) net profit over the first six months of 2019, which is almost twice as much as for the same period during the previous year.
Total H1 2019 pre-tax profit was UAH 31.9 billion (US$1.32 billion), which exceeds the 2018 result by more than 79%, according to the company's press service.
It is noted the Integrated Gas Business and Gas Transit segments-were major contributors to the increase in profit (the segment result is operating profit/loss adjusted to operating exchange differences).
H1 2018 pre-tax profits were reduced by UAH 4.8 billion (US$198.75 million) VAT compensation arising from an arbitration award in the transit case with Russia's Gazprom.
UNIAN memo. NJSC Naftogaz of Ukraine is the largest state-run vertically integrated oil and gas holding whose subsidiaries account for about 90% of oil and gas production in Ukraine. Naftogaz develops oil and gas fields, produces crude oil and natural gas. Its core business is also transportation and trade in fuel through its own network of filling stations.