Ukrnafta will pay dividends despite the large tax debt

Private JSC Ukrnafta is going to hold a meeting on April 25, 2019, where one of the topics will be appropriation of profit for 2018. It is announces on the company’s website.

Due to 2018 results, Ukrnafta in its financial statement has shown net profit in the amount of 6628 billion UAH. This figure is not confirmed by audit report and calculation of dividends will be paid from profit, which auditors will confirm.

The company offers the only option for the appropriation of profit: to pay 50% as dividends to shareholders of the company and to direct the other funds to the company's own needs.

Shareholders plan to consider the issue of paying dividends, despite the company’s unsettled tax debt. Ukrnafta itself recognizes a debt of 10.6 billion UAH, excluding fines, penalties and interest. The total amount of debt, according to NJSC Naftogaz of Ukraine, exceeds 32 billion UAH.

Yuriy Vitrenko, Commercial Director of NJSCNaftogaz of Ukraine, commented on this situation on Facebook.

To repay this debt, Naftogaz plans to purchase 4 billion cubic meters of gas from Ukrnafta (2 billion of which is controversial gas produced in 2006, the other 2 billion cubic meters – gas of future production) in the amount of 35 - 40 billion UAH.

It was reported earlier that the NJSC Naftogaz of Ukraine put on the agenda of the Ukrnafta’s shareholders meeting on March 28, 2019 the issue of early termination of the Chairman of the board Mark Rollins’ powers.

Source: enkorr


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Tags: Naftogaz, contracts, oil, Top management, Ukrnafta

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