Naftogaz posts 5.5-fold rise in net profit in 2019, to pay UAH 48.2 bln of dividends
The Naftogaz Ukrainy Group in 2019 saw UAH 63.3 billion in net profit thanks to payment of $2.9 billion by Russia's Gazprom under the Gas Transit Award of the Arbitration Institute of the Stockholm Chamber of Commerce. The profit was UAH 51.7 billion more than in 2028 (a 5.5-fold rise year-over-year), the company has reported.
"We have delivered a strong cash flow performance in 2019. We generated UAH 110 billion in cash flow from operating activities, including UAH 55.7 billion from the Gas Transit Arbitration (net of income tax)," the company said, citing Naftogaz Chief Financial Officer Peter van Driel.
Net profit from activities in 2019 fell by 83.6%, to UAH 2.58 billion.
Naftogaz recalled that Gazprom's compensation before tax amounted to $2.9 billion, or UAH 68 billion, of which the budget has already received UAH 12.2 billion of corporate income tax and will receive UAH 48.2 billion of dividends for 2019 compared with UAH 20 billion of dividends last year (of which UAH 8.8 billion is interim dividends for 2019).
According to the group's report, its revenue last year decreased 19%, to UAH 149.78 billion, gross loss fell by 29.9%, to UAH 43.09 billion, and operating loss fell by 70.6%, to UAH 8.27 billion.