The top 100 largest state-owned companies of Ukraine in 2018 saw net profit fall by 48.2% compared to 2017, to UAH 25.3 billion, according to data from the Ministry of Economic Development and Trade.

"The main factor that influenced the decrease in the financial result was the reduction in the net profit of PJSC Naftogaz Ukrainy. Thus, its net profit fell from UAH 39.4 billion in 2017 to UAH 11.6 billion in 2018," the ministry said.

At the same time, the ministry explained that the reason for this is a significant decrease in profits from the company's operating activities from UAH 60.5 billion in 2017 to UAH 26.4 billion in 2018.

According to the report, oil and gas sectors and power industry are the most profitable sectors among large state-owned companies.

The net profit of state-owned companies in the electric power industry grew by almost 1.5 times, from UAH 9.2 billion in 2017 to UAH 13.7 billion in 2018.

Ukrhydroenergo improved its result in 2018 to UAH 3.7 billion against UAH 1.5 billion in 2017. Energomarket increased its net profit from UAH 900 million to UAH 2.9 billion, while Energoatom from UAH 3.8 billion to UAH 4.6 billion.

"The main reason for the growth of net profit of the enterprises was a significant rise in revenues from sales of products along with the growth of gross profit," the ministry said.