Ukrnafta raises EBITDA, net income 30% yoy in 9M12

Ukrnafta (UNAF UK) reported 32% yoy growth in net income to UAH 2.0 bln in 9M12, according to Ukrainian Accounting Standards. EBITDA increased 34% yoy to UAH 3.2 bln for the period. Sales grew 6.2% yoy to UAH 19.6 bln  in 9M12 despite a 3% yoy decline in oil production over the period.

Roman Dmytrenko: The most recent production data from Ukrnafta indicates the company finally managed to turn around its multi-year decline in output, posting two consecutive months of increasing oil production in August and September. Though the company’s current bottom line growth is solely attributed to a 30% production royalty decrease since the beginning of 2012, a sustainable turnaround in production can become a driver for further growth of Ukrnafta’s profit.