PrJSC Ukrnaftoburinnia, according to preliminary data, will receive more than UAH 1 billion in net profit over 2023, the company said in a press release on Monday.

“We planned a net profit of up to UAH 1.5 billion. But due to the cancellation of the special permit and the shutdown, this figure will drop to approximately UAH 1.1 billion,” said chairman of the board Oleh Malchik.

According to him, from the beginning of 2023 until the actual transfer of the company under the management of PJSC Ukrnafta on July 12 last year, Ukrnaftoburinnia’s profit amounted to UAH 186 million, and for the period from July to December, it was possible to make a profit of UAH 905 million.

“This takes into account the fact that the company did not produce during the entire month of December last year,” the company noted.

As the company informed, despite the fact that the company was profitable even before the transition to state control, during an audit of financial statements, UAH 8 billion of receivables were found, which had signs of being uncollectible.

“This is either an advance payment for some goods, or financial assistance,” the expert commented.

The company explained that bankruptcy proceedings were initiated in June 2023 for individual companies with a debt to Ukrnaftoburinnia amounting to almost UAH 5 billion. However, the new management managed to submit applications for recognition of monetary claims, and such claims were recognized by the court, as a result of which Ukrnaftoburinnia was included in the list of creditors of those companies that are in bankruptcy.

Ukrnaftoburinnia is one of the largest private gas production companies in Ukraine. Since 2010, it has been developing Sakhalinske oil and gas condensate field (Kharkiv region) with reserves of 15 billion cubic meters of gas. The company's gross production in 2021 amounted to 691.3 million cubic meters of gas and 76,600 tonnes of oil and condensate.