Naftogaz reports 3.9-fold reduction in losses
In January-September 2021, Naftogaz of Ukraine, the country’s main oil and gas company, reduced its loss by 74.4%, to UAH 4.366 billion year-on-year.
That’s according to the company’s unaudited condensed consolidated financial statement for the 9 months of 2021.
At the same time, the Group's profit for the reporting period amounted to UAH 136.965 billion, which is 30.8% more than in January-September 2020.
In the third quarter of 2021, Naftogaz reduced its net loss by 50.6%, to UAH 2.716 billion. At the same time, profit decreased by 4.7%, to UAH 30.468 billion.
“These financial statements have not been audited. The audited consolidated financial statements for 2021 will be published in the spring of 2022," Naftogaz said in a comment.
The company noted that the financial statements by Naftogaz of Ukrainy as a separate legal entity recorded UAH 9.78 billion in net profit for the 9 months of 2021. For comparison, the company completed the corresponding period of the previous year with a UAH 18.65 billion in loss.
As reported earlier, in January-June 2021, Naftogaz of Ukraine suffered a net loss of UAH 1.65 billion. Against the first half of 2020, the company's net loss decreased by 85.7%. At the same time, the total profit of Naftogaz for the 6 months of 2021 amounted to UAH 6.45 billion.
In 2020, the consolidated loss by Naftogaz, confirmed by Deloitte, exceeded UAH 19 billion, becoming the first loss recorded by the company since 2015.
The Naftogaz Group consists of NJSC Naftogaz of Ukraine, as well as seven joint-stock companies, nine subsidiaries, seven representative offices and branches wholly owned by NJSC, and five companies with a share of NJSC Naftogaz of Ukraine in the authorized capital from 40% to 100%.
In addition, the company owns a stake in 39 joint-stock companies engaged in gas supply and gasification.
The Group operates in all regions of Ukraine and Egypt, as well as has its own offices in Turkmenistan and Belgium.
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