The top 100 largest state-owned companies in Ukraine in 2017 saw net profit rise by 38.5% compared to 2016, to UAH 44.4 billion, while 88.5% of this amount was the profit of Naftogaz, according to data released by the Ministry of Economic Development and Trade.

"The main factor of the growth of Naftogaz Ukrainy's profit in 2017 was the victory in arbitration proceedings against Gazprom, due to which Naftogaz received the largest net profit for 20 years," the ministry said, noting that in 2017 the net profit of Naftogaz increased to UAH 39.3 billion against UAH 17.8 billion in 2016.

The enterprises of state-regulated industries have become the most profitable in the list of the top 100 companies, First Deputy Minister of Economic Development and Trade Maksym Nefyodov said.

"At the same time, most companies remain extremely inefficient, as before. We have only one way out - to continue the corporate governance reform of those strategic state-owned companies that must remain in state ownership and hold a transparent privatization of other companies under the law adopted this year," he said.

According to the ministry's report, the total value of the assets of state-owned companies in 2017 compared to 2016 increased by 5% and amounted to more than UAH 1.509 trillion.