Naftokhimyk Prykarpattya (NAFP) Posts 2004 Net Income Of USD 3.6 Mn

Concorde Capital: The disparity between the company’s top-line and bottom-line dynamics can largely be attributed to its tolling agreement with Ukrnafta, which apparently allowed the latter accumulate most of the profits. The company’s intent to significantly increase refining volume, if realized, will result in the refinery operating at/or beyond its design capacity. This is why new CapEx spending is required. Enlarging the companies storage capacities, which are currently bottlenecked, will likely be the first order of business.