After returning under state control, Ukrnafta JSC demonstrated financial results in three years that significantly exceed the indicators of nearly two decades of previous management associated with Ihor Kolomoisky. This was reported by the director of the A-95 consulting group, Serhiy Kuyun.
According to his assessment, in 2023–2024, the company's net profit amounted to nearly 1 billion dollars. The total amount of taxes paid to the state budget over three years reached about 75 billion UAH. In comparison, the cumulative net profit over nearly 20 years of previous management was several times lower.
Ukrnafta financial results after returning to the state
Kuyun notes that previously the company’s activities were accompanied by practices typical for business groups with influence over management. Financial flows were opaque, and key decisions were made outside formal procedures.
According to him, oil, natural gas, and liquefied gas were sold to affiliated structures at reduced prices for a long time. This led to systemic losses and a loss of revenue for the state.
Ukrnafta's role for the budget and energy security
Since the fall of 2022, the company has been in state ownership. Its shareholders are the Ministry of Defense of Ukraine and NJSC Naftogaz of Ukraine. The government explained the need to regain control by stating that 'Ukrnafta' is crucial for meeting the needs of the Armed Forces and the energy security of the country.
Earlier, we wrote that 'Ukrnafta' announced the construction of a gas-steam power plant.