Naftogaz 2018 Profits Down on 2017

State-owned Naftogaz Ukrainy reported a profit of hryvnia 13.6bn ($509mn) on its 2018 trading, it said April 24, marking the third consecutive year of profits. The results were approved by independent auditors Deloitte & Touche. Pretax profits were hryvnia 18.2bn. Its biggest profit came from transit: it cleared hryvnia 36.5bn, from transiting 86.8bn m³, down 7% on 2017. 

Naftogaz said that profits were down by 64% on 2017, but that was an exceptional year, owing to the results of the Stockholm arbitration ruling against that overall went against Russian exporter and transit client Gazprom.  That money though is yet to be paid, and Naftogaz is pursuing Gazprom in courts in Europe, to try to freeze its assets.

Naftogaz made a profit from sales and deliveries of gas of hryvnia 5.1bn, despite a hryvnia 2.9bn loss from sales under its public service obligation; and a profit on sales to other consumers at non-regulated prices of almost hryvnia 8bn, or half as much again as it did in 2017.