Naftogaz Group generates UAH 10.9B in net profit in Q1 2024

In January-March 2024, Naftogaz Group generated UAH 10.9 billion in net profit compared to UAH 1.4 billion worth of losses suffered during the same period last year.

The relevant statement was made by Naftogaz Group’s press service, an Ukrinform correspondent reports.

“Naftogaz Group has managed to significantly improve the consolidated financial result. In particular, in the first quarter of 2024, the net profit came to UAH 10.9 billion, while the Group’s net losses were UAH 1.4 billion during the same period last year,” the report states.

At the same time, Naftogaz Group’s consolidated operating profit reached UAH 12.4 billion in January-March 2024, which is 3.6 times higher compared to the first quarter of 2023.

“In the first quarter of 2024, we also improved the financial result of the Group’s parent company, Naftogaz of Ukraine NJSC. It generated UAH 8.1 billion in net profit, which is UAH 0.4 billion higher compared to the same period of 2023,” Naftogaz Group Board Chairman & CEO Oleksiy Chernyshov added.

A reminder that Naftogaz Group generated UAH 23.1 billion in profit in 2023 (compared to UAH 79.1 billion worth of losses suffered by the Group in 2022). Last year Naftogaz Group’s key companies improved their financial results by at least 40% compared to 2022.