The state-owned the Ukrainian Sea Ports Authority has published its consolidated financial statements for 2016 based on Ukrainian accounting standards. According to the consolidated financial statements, the company’s net profit increased by 1% to UAH 3.854 billion and its revenue by 5% to UAH 7.297 billion.

According to the Ukrainian Sea Ports Authority, direct payments into the state budget amounted to UAH 4.659 billion, including UAH 1.279 billion in profit tax by state-owned enterprises and UAH 2.315 billion in dividends.

Budgetary contributions claimed more than 63% of the company’s total income, compared with 56% in 2015.

Investments in infrastructure amounted to UAH 650 million, which is 63% more than the amount of investments in infrastructure in 2015 but less than the planned amount by UAH 1.924 billion. The company spent UAH 212 million on capital construction projects, UAH 240 million on purchase of fixed assets, UAH 127 million on modernization of fixed assets, and UAH 49 million on overhaul of facilities. Most of the funds were spent on construction of the berth No. 1-z at the at the Odesa seaport (UAH 141 million).

"For the Ukrainian Sea Ports Authority, the positive trend in revenues and profits is pleasant, but, at the same time, we cannot say that capital investment managements were managed efficiently. This is due to, among other things, the large budgetary contribution. After the tax burden reduced, we will increase investment in strategic assets, as required by the industry. This is the area where we see an opportunity for improvement in the near future," the Ukrainian Sea Ports Authority’s head Raivis Veckagans said.