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Bitter harvest of the PRIVAT autumn

 

The new management of public companies, which until recently were controlled by the managers of the Privat group, is obliged to solve a number of problems, however the financial results are already improving. This is the opinion of Roman Nitsovych, the DiXi Group expert.

 

Regardless of the detention of one of the leaders of the “Kolomoiskyi group”, which shocked political life of the country, there is an ogoing adaptation of the public companies to functioning without the management loyal to Privat group .

For instance, the best performance demonstrates the pipeline operator Ukrtransnafta, which managed to increase profit for 9 months of the year by more than 80% (811 million UAH) and got a new CEO.

Less successfully solves its financial problems the new management of Ukrnafta – although the company declared profit of over 4 bln UAH (against 0.764 billion UAH loss in 2014), but still can not repay the tax debts.

Are the losses of Kolomoisky due to de-oligarchisation in oil production and transportation really high? The mentioned figures suggest that in the previous periods the state companies accounted for less benefits, at least by 4 bln UAH annually.

Meanwhile, the oligarch has found some compensators: Ukrtatnafta, controlled by Privat, during the same period increased its profit almost in 4 times – to 1.286 billion UAH.

The first steps to improve the financial condition of the state oil company were made, further development is the issue of professionalism and independence of the new management. However, for the final recovery the “patients” need more than one bitter pill to be taken.”

 

Roman Nitsovych
Research Director

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