Ukrenergo posts 4.3-fold rise in net profit in Jan-Sept
National energy company Ukrenergo in January-September 2016 saw a 4.3-fold rise in net profit year-over-year, to UAH 1.741 billion.
The company said that its net revenue over the period grew by 36.1%, to UAH 4.829 billion and gross profit – by 52.3%, to UAH 3.324 billion.
Ukrenergo saw UAH 292.681 million of net profit in 2015 compared to UAH 1.94 billion of net loss a year ago. Revenue grew by 74.5% in 2015, to UAH 5.5 billion, and pretax profit totaled UAH 395.326 million compared to UAH 2.264 billion of loss a year ago.
Ukraine's Cabinet of Ministers late September 2016 approved the financial plan of state-owned energy company Ukrenergo for 2016 with net profit planned at UAH 3.9 billion against UA 0.3 billion in net profit in 2015.
The document also sets the target figure for net revenue in 2016 at UAH 7.6 billion, which is 38.2% up on 2015 (UAH 5.5 billion).
Ukrenergo operates trunk and interstate power grids, as well as performs the centralized dispatching of the united energy system in the country. The company is a state enterprise, and it is subordinate to the Ministry of Energy and Coal Industry.
