Photo from UNIAN
The profit of Ukraine's TOP-100 state-owned companies increased 20 times in January-September 2016 year-over-year (y-o-y), to UAH 40 billion, or US$1.5 billion, according to the Economic Development and Trade Ministry's press service.
The largest portfolio assets of the TOP-100 state-run companies are concentrated in the oil and gas sector (Naftogaz of Ukraine), transport sector (Ukrzaliznytsia), and electric power sector (Energoatom). Their earnings before interest, taxes, depreciation, and amortization, or EBITDA, increased almost 2.5 times over the first nine months of 2016 y-o-y, to UAH 86 billion, or $3.3 billion, the report said.
The total book value of assets of the state-owned enterprises' portfolio was estimated at UAH 1.351 trillion, or $52 billion, which was 14.9% up from 2015.
The growth in the net profit index of the TOP-100 portfolio was due to the rise of the net profit in the oil and gas sector, as well as the energy one. Noteworthy, the net profit in the oil and gas industry totaled UAH 25.5 billion over the period under review, which was almost 120 times up y-o-y.
"This growth can be explained by the price policy reform in Naftogaz, whose net profit increased 108 times over the period under review y-o-y, namely from UAH 234 million to UAH 25.5 billion," the report said.
In the energy sector, whose profits rose by 37.9%, the leaders were Centrenergo (growth from UAH 82 million to UAH 1.02 billion), Ukrenergo (from UAH 793 million to UAH 1.7 billion), and Ukrhydroenergo (from UAH 974 million to UAH 2.09 billion).
Read alsoUkraine's infrastructure ministry: Ukrposhta's corporatization overAt the same time, a significant increase in financial indicators was reported in transport industry. In particular, Automobile Roads of Ukraine increased its profit by almost 60 times, while the Boryspil Airport doubled its profit, to UAH 1 billion. The book value of the portfolio assets of transport sector SOEs grew by almost 32% over the first nine months of 2016 y-o-y, to UAH 383.5 billion, due to the reassessment of Ukrzaliznytsia assets (UAH 11.17 billion in net profit)
As UNIAN reported earlier, the TOP-100 Ukrainian state-run enterprises in January-June 2016 received UAH 31.6 billion ($1.2 billion) in net profit, according to the Economic Development Ministry.
Read alsoUkraine's government suggests excluding gas transport system from privatization listThe net profit of all Ukrainian state-owned companies in January-September 2016 totaled UAH 38.3 billion ($1.5 billion), while the aggregate value of state assets was estimated at UAH 1.5 trillion ($58 billion).