Last year was one of the toughest for Ukraine and its energy sector, as relentless attacks targeted power, heat, and gas infrastructure, aimed at disrupting the economy and plunging the country into darkness and cold.

Despite the challenges posed by the war, Naftogaz Group ensured a stable heating season, increased natural gas production, and ended the year with a net profit of nearly UAH 38 billion.

During 2024, the Group generated a net profit of UAH 38 bn, up UAH 15 bn or 64% from 2023.

The results were audited and confirmed by international firm KPMG. The financial statements are available on Naftogaz’s official website.

Gross profit for 2024 rose to UAH 89.1 bn, up from UAH 48.5 bn in 2023. Operating profit reached UAH 51.1 bn, an increase of nearly UAH 13.3 bn, or 32%, compared to the previous year.

All key business segments of the Group delivered growth. Achieving this requires significant effort even in peacetime—during wartime, it borders on the impossible,” said Roman Chumak, Acting Chairman of the Board of Naftogaz of Ukraine. “ I want to thank all Naftogaz employees for delivering this result, and the government for its continued support.”

NJSC Naftogaz of Ukraine

The parent company, NJSC Naftogaz of Ukraine, posted a profit of UAH 23.9 billion for the year, compared to a loss of UAH 800 million in 2023.

Gas production

Ukrgasvydobuvannya made the largest contribution to the Group earnings, posting a profit of UAH 20.9 bn—nearly double the 2023 figure. The company increased commercial gas output to 13.9 bcm in 2024 from 13.2 bcm a year earlier, launched 83 new wells, and reached a daily production high of 38.9 mcm—the highest in the past three years.

Extraction and transportation of oil and petroleum products

Ukrtransnafta closed the year with a profit of UAH 3.7 bn, while Ukrnafta remained profitable for the second consecutive year, reporting UAH 17.3 bn in 2024.

Gas supply and sales

Companies in the gas supply sector also demonstrated positive performance. Gas Supply Company Naftogaz of Ukraine returned to profitability after a UAH 2 bn loss in 2023. The settlement rate rose by 10 percentage points to 98%. Gas supply company Naftogaz Trading reduced its loss by more than UAH 3 bn year-on-year.

For the first time in years, the gas trading segment ended 2024 with a profit. The segment posted a net operating result of UAH 2.3 bn, compared to UAH 22.3 bn loss in 2023.

Distribution of natural gas

Gas Distribution Networks of Ukraine also demonstrated growth, with distribution volumes reaching 12.3 bcm, up from just 3.8 bcm in 2023. Settlements for natural gas consumed reached 97%, an increase of 14 percentage points compared to the previous year.

Gas storage

Ukrtransgaz remained in the black in 2024, reporting a profit of UAH 277 million. The result is significant given the ongoing Russian attacks on Ukraine’s UGS facilities during the period, which severely impacted foreign traders’ confidence in storing gas in the country.

Sales of electricity and heat

Naftogaz Group increased electricity sales by 24% and heat sales by 4%. The Group also launched cogeneration projects, with 16 Bergen Engines and 13 Caterpillar gas piston units expected to provide 177 MW of additional capacity.

Taxes

Naftogaz Group contributed UAH 104.3 billion to the state budget in 2024, accounting for 7% of total government revenues.

We continue to fulfill our core mission of ensuring the country’s energy stability during wartime. At the same time, we’re becoming more profitable, thanks to the team’s efforts, more stable operations, and better management decisions. This allows us to strengthen Ukraine’s energy security while remaining a reliable contributor to the state budget,” commented Roman Chumak.

KeyFacts Energy: Naftogaz Ukraine country profile