Net profit payment, dividend revenue underperformance for national budget totals UAH 13 bln in H1 2019
Revenue of the national budget in January-June 2019 from payment of a part of net profit and dividends were UAH 13 billion less than the target, being UAH 23.2 billion, the Finance Ministry reported on Thursday.
"It [the target for revenue from paying a part of net profit and dividends] was underperformed by UAH 13 billion, which is primarily due to the transfer of only a third (UAH 4 billion) of the dividends amount due 2018 by NJSC Naftogaz Ukrainy in June," the Finance Ministry said.
Centrenergo and Turboatom also paid less than the government approved. They transferred to the national budget, respectively, UAH 195 million and UAH 265 million, which is about 50% of the amount of dividends, which is subject to payment to the national budget with an approved standard of 90%, the ministry said.
"In addition, Ukrnafta did not transfer its share of dividends to the budget (the company's net profit in 2018 was UAH 6.4 billion)," the Finance Ministry said.
In addition, the worse than expected financial results of several state-owned enterprises played a role, as well as the introduction of a differentiated approach to determining part of the payments to the national budget depending on the profile of the enterprise, the ministry added.