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National oil and gas holding Naftogaz of Ukraine posted net profit at UAH 22.5 billion (US$860 million) in 2016, against UAH 35 billion in net loss in 2015, according to the company's financial statements audited by Deloitte.
Introducing the report, Naftogaz CEO Andriy Kobolev noted that the company had become profitable for the first time in the past five years, requiring no support from the state budget.
Over UAH 26 billion in profit was received due to gas transit via Ukraine, while UAH 15.3 billion - from gas production, UAH 1.7 billion - from oil refining, and another UAH 1.6 billion - from oil transportation.
The following segments generated loss in 2016: oil and condensate production (UAH 6.8 billion), gas trading (UAH 3.5 billion) and gas storage (UAH 1.6 billion). Provisions for litigations, part of forex loss, and other unallocated expenses of the group amounted to UAH 11.9 billion, the report said.
Read alsoCabinet clears way for Naftogaz to raise UAH 3.5 bln in loans for gas purchaseThe gross profit of Naftogaz by the end of 2016 was estimated at UAH 70.96 billion, which was 8.4 times more than in 2015. The holding's revenue in 2016 soared by 48%, to UAH 192.8 billion.
As UNIAN reported earlier, Naftogaz posted UAH 25 billion in net loss in 2015, against a UAH 89.9 billion net loss in 2014. The company's gross profit by the end of 2015 was estimated at UAH 12.5 billion from a UAH 11 billion loss in 2014. The holding posted UAH 112.76 billion in net revenue in 2015, which was 51% up from 2014.