Ukrnafta’s net profit decreased by UAH 7 billion in 2024
17 April 05:18
According to the results of its operations in 2024, PJSC Ukrnafta received a net profit of only UAH 16.4 billion, while in 2023 this figure amounted to UAH 23.6 billion. This is reported by Komersant ukrainskyi with reference to Ukrnafta.
Last week in Kyiv, the Supervisory Board of Ukrnafta heard the report of the top management for 2024. They summarized the results and updated the goals for 2025.
Net profit in 2024
In 2024, Ukrnafta reported a net profit of UAH 16.4 billion. This is almost a third less than in 2023, when the company’s profit reached UAH 23.6 billion.
Despite the decline, the company’s management notes that such results were made possible by an increase in oil and gas production, expansion of petroleum product sales, and growth of market share in the filling station segment.
An independent audit conducted by Crowe Erfolg confirmed the reliability of the financial results. In a post on his Facebook page, Ukrnafta CEO Sergiy Koretsky expressed his gratitude to the company’s team and emphasized that the efficiency of public administration is one of the key factors in achieving such results.
New partnerships and investments
Among the important events of the year was the start of cooperation with the European Bank for Reconstruction and Development. As part of this cooperation, Ukrnafta received a EUR 80 million loan and EUR 44 million in grants for the development of modern gas generation.
“The professional work of the team, reflected in the results of the company’s two-year performance, and the highest standards of corporate governance have become key factors in launching successful cooperation with the European Bank for Reconstruction and Development – EUR 80 million loan and EUR 44 million grants for modern gas generation,” said Serhiy Koretsky, Ukrnafta’s CEO. – “Grant assistance from the governments of Sweden and Norway in the amount of almost EUR 75 million also demonstrates the trust of our partners in the state-owned enterprise.
Strategic goals for 2025
Ukrnafta’s Supervisory Board and management have outlined key priorities for 2025:
- Expanding the resource base and increasing production;
- Increase in wholesale and retail sales of petroleum products;
- Development of new energy business areas;
- Improving the efficiency of corporate governance.
The overall goal is to ensure the company’s sustainability, profitability and growth in a challenging economic and political environment.
Criticism and public attention
Despite its achievements, Ukrnafta has been in the center of public attention due to the millions of dollars in salaries of its executives.
According to MP Oleksiy Honcharenko, Sergiy Koretsky received UAH 2.25 million per month, which amounted to UAH 27 million for the year. In addition, in 2024, he bought a new house, a RANGE ROVER and a Mercedes-Benz.
“This is not governance – this is an open corruption scheme. While the country is fighting for every hryvnia, some leaders are enriching themselves by millions,” Honcharenko said on Facebook.
He emphasized that in addition to Koretsky, other officials of Ukrnafta, a state-owned company, declared large salaries: uAH 25.7 million for Deputy Director for Finance Yuriy Tkachuk; UAH 18 million for Commercial Director Serhiy Fedorenko; UAH 25 million for Executive Vice President for Corporate Strategy Denys Kudin.
“While the management receives huge salaries, Ukrnafta is failing to meet key targets – instead of 30 wells planned for 2024, the company managed to put only 9 into operation. The actual hydrocarbon production was also significantly behind, by 92% for oil and 42% for gas. Despite a large investment budget (UAH 26 billion), the company failed to come close to the 2019 figures! So what are the millions for?” the MP was outraged.
