RUSSNEFT REPORTS 6.5-FOLD INCREASE OF H1 NET PROFIT UNDER IRFS
According to the Company`s official release, the IFRS net profit of RussNeft attributable to the shareholders of the company, grew 6.5-fold YoY to RUB 11.5 billion, while revenue went up as much as 13.7% to reach RUB 100.447 bln.
Gross profit was up 1.7% to RUB 26.319 bln.
Operating profit amounted to RUB 17 bln, having risen 3-fold. Cost of sales increased by 18.6% to RUB 74.128 bln. Selling expenses demonstrated a decline to RUB 5. 046 bln (3.5%). General and administrative expenses totalled RUB 1.6653 bln, dropping down by 20.3%. The Company’s assets increased since the beginning of the year to RUB 272.903 (- 7.8%).
Long-term liabilities showed reduction to the point of RUB 113 bln (-8.8%), while short-term liabilities grew 43.8%, to RUB 73.627 bln.
PJSC “RussNeft” ranks among the Top-6 largest oil companies by crude oil production in Russia.
The Company possesses a well-balanced portfolio of assets located in the key Russian oil and gas provinces (West Siberia, Volga-Urals and Central Siberia) as well as in Azerbaijan.
2P reserves of the Company exceed 200 million tonnes (SPE).