Top 100 state companies of Ukraine see profit rise by 20 times in nine months of 2016
The net profit of the 94 largest state companies of Ukraine in January-September 2016 increased by 20 times compared to 2015, to UAH 40 billion.
According to a report posted by the Ministry of Economic Development and Trade on the activities of the 94 largest state-owned companies during this period, the structure of the portfolio of these enterprises for January-September 2016 did not change. The largest portfolio assets are concentrated in the oil and gas sector (NJSC Naftogaz Ukrainy), transport (PJSC Ukrzaliznytsia) and electric power (Energoatom).
The net profit of the largest state-owned companies is due to the growth of profits in the oil and gas sector and energy, the ministry explained. The figure in the oil and gas industry amounted to UAH 25.5 billion, which is 120 times higher than in the same period of the previous year. The growth in net income was shown by all sectors of the portfolio, except for chemical and coal industries, in which this figure fell by 38%, to UAH 7.5 billion, and by 18%, to UAH 3.9 billion, respectively.
"This growth can be explained by reforming the price policy of Naftogaz, whose net profit increased by 108 times compared with the same period in 2015," the ministry said.
According to the agency, for the first nine months of 2015 Naftogaz posted a net profit of UAH 234 million, while in January-September 2016 some UAH 25.5 billion.