RUSSNEFT IN 2019 INCREASED THE NET PROFIT UNDER RAS BY 27%
“RussNeft” net profit under RAS in 2019 increased by 27% against 2018 and amounted to RUB 14.968 billion, according to the Company's report.
The revenue for the reporting period increased by 9% to RUB 192.303 billion. The gross profit amounted to RUB 42.961 billion, which is 0.1% more than in 2018. The profit from sales decreased by 0.2% to RUB 29.196 billion. The profit before tax amounted to RUB 19.878 billion, which is 8.8% more than in 2018.
The cost price of sales increased by 11.9% to RUB 149.342 billion. The selling expenses increased by 0.6% and amounted to RUB 9.807 billion. The management expenses amounted to RUB 3.957 billion, an increase of 1.3%.
PJSC “RussNeft” ranks among the top largest oil companies by crude oil production in Russia. The Company's portfolio includes the assets located in the key Russian oil and gas provinces (West Siberia, Volga-Urals and Central Siberia) as well as in Azerbaijan. The Company's proven and probable reserves (2P) exceed 200 million tonnes. Mikhail Gutseriev is the Chairman of the Board of Directors and one of the main beneficiaries of PJSC “RussNeft”.