National joint-stock company Naftogaz Ukrainy has completed a transaction to transfer UAH 13.3 billion in dividends for 2016 to the national budget along with UAH 2.4 billion in advance payment of corporate tax on the dividends.

"This is the highest dividend payment ever made by a state-owned company in independent Ukraine," Naftogaz said in an official statement on its website on June 27.

The company's profit of UAH 26.5 billion, which is US$1.019 billion, (non-consolidated) in 2016 was made possible by the three years of consistent reform efforts both in Naftogaz and Ukraine’s energy sector, Naftogaz CEO Andriy Kobolev said.

"Rejection of corruption, transparent business procedures compliant with the best international practices, active cooperation with international stakeholders and defending interests of Naftogaz in arbitration – all this has ensured quite positive financial performance," he said.

Naftogaz Ukrainy unites oil and gas production assets in Ukraine, and is the country's gas transit, underground gas storage, and oil pipeline transportation monopoly.

As was reported, Naftogaz posted UAH 26.529 billion in net profit in 2016 as a separate legal entity, while it was in the red in 2015 with UAH 27.749 billion in net loss. The company's net revenue in 2016 grew 43.1%, to UAH 161.383 billion.