Latest news with #FamilSadygov
Yahoo
02-05-2025
- Business
- Yahoo
Gazprom reports $14.8bn net profit for 2024
Gazprom has reported a significant rebound in its financial performance for 2024, registering a net profit of Rbs1.2trn. This marks a substantial recovery from a $7bn net loss in 2023, which was the company's first since 1999, according to a Reuters report. The turnaround is attributed to improved gas business, a decrease in exchange losses on foreign currency liabilities and an increase in interest income from financial investments. The gas business earned Rbs756bn last year, surpassing the oil segment's profit of Rbs649bn. Gazprom's group revenue, which includes gas, oil and electric power businesses, rose by 25% to Rbs10.7trn, the second-highest result in the company's history. Earnings before interest, taxes, depreciation and amortisation (EBITDA) also saw a 76% increase to Rbs3.1trn in 2024. Gazprom's deputy CEO, Famil Sadygov, said: 'In 2024, the Gazprom Group demonstrated excellent performance in terms of several key financial indicators, which proved the efficiency and stability of its business model.' Despite the positive financial outcome, Gazprom still confronts challenges due to plummeting gas sales in Europe. The cessation of gas supplies to the region via Ukraine since 1 January, after the non-renewal of the previous transit deal with Kyiv, remains a significant hurdle. Gazprom noted that it had only earned more in the years 2021 and 2022 when European gas prices reached record highs. In response to US sanctions, Gazprom Neft transferred approximately 5.15% of its shares in Serbian oil and gas company NIS to parent company Gazprom in February. The move, aimed at ensuring uninterrupted crude oil supply to Serbia, aligns with the sanctions imposed on Russia's oil sector on 10 January, which necessitated Gazprom Neft to divest its ownership in NIS within 45 days. Following the transaction, Gazprom Neft's stake in NIS dropped to 44.85%, while Gazprom's share increased to 11.3%. "Gazprom reports $14.8bn net profit for 2024" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Russia Today
01-05-2025
- Business
- Russia Today
Russia's Gazprom posts $15 billion profit
Russian energy giant Gazprom posted a profit in 2024 after recording its first loss in more than two decades the previous year. The increase is attributed to improved gas exports to countries such as China, the company said. Gazprom, once the main gas supplier to the EU, dramatically reduced its exports to the region three years ago following Ukraine-related sanctions imposed by the West and the sabotage of the Nord Stream pipelines. Russia's share of EU pipeline gas imports dropped from over 40% in 2021 to around 11% in 2024. Gazprom's full-year 2024 net profit amounted to 1.2 trillion rubles ($14.76 billion), driven by an improved gas business and rising interest income from financial investments in its gas business and increased interest income from financial investments, according to a statement released by the company on Wednesday. 'Gazprom has strengthened its position across a number of key financial indicators in 2024, confirming the effectiveness and resilience of its business model,' the company's deputy CEO, Famil Sadygov, said, commenting on the results. Sadygov attributed the improved performance to rising gas exports to countries such as China, and higher interest income. Once Russia's most valuable company, Gazprom suffered record losses last year due to plummeting sales to the EU, once its key market. The company reported a net loss of $6.8 billion for 2023, the first time since 1999. This stood in stark contrast to the net profit of $13.2 billion recorded in 2022. In 2024, revenue for Gazprom Group – which includes gas, oil, and electric power businesses – surged 25% to 10.7 trillion rubles ($130.8 billion), making it the company's second-highest results on record. The all-time high of 11.7 trillion rubles ($143 billion) was reached in 2022, when European gas prices soared amid the EU's decision to curb imports from Russia following the escalation of the Ukraine conflict. Gazprom's spending declined by 3% to 2.4 trillion rubles ($29.5 billion). The company said its debt remained unchanged at 6.7 trillion rubles, adding that it held more than 1 trillion rubles in cash reserves. 'This reserve of funds on the balance sheet ensures the Group's high financial stability even under sanctions pressure,' Sadygov said.
Business Recorder
30-04-2025
- Business
- Business Recorder
Russia's Gazprom returns to annual profit in 2024, earning $14.8bn
MOSCOW: Russian energy giant Gazprom swung to a full-year 2024 net profit of 1.2 trillion roubles ($14.76 billion) from previous year's loss thanks to an improved gas business and rising interest income from financial investments, the company said on Wednesday. Gazprom posted a net loss of almost $7 billion for 2023, its first since 1999, due to dwindling sales to the European Union, once its main source of revenue. Gazprom is arguably the Russian business hardest hit by the international sanctions imposed after Russia's invasion of Ukraine three years ago. Although Russia's economy has been resilient, growing signs of strain have appeared in several industries. Commenting on the 2024 results, Gazprom's Deputy CEO Famil Sadygov said the group had a significant liquidity cushion of 1.034 trillion roubles. 'This reserve of funds on the balance sheet ensures the Group's high financial stability even in the face of sanctions pressure,' he said. Gazprom's shares were up 1.15% on the Moscow exchange as of 1320 GMT. Gazprom still faces challenges from plummeting gas sales in Europe as gas supplies to the region via Ukraine were halted on January 1 after the previous transit deal with Kyiv was not extended. According to Gazprom's report, its gas business earned 756 billion roubles last year, outstripping the oil segment, whose profit totalled 649 billion roubles. Revenue of Gazprom's group, which consists of gas, oil and electric power businesses, rose last year by a quarter to 10.7 trillion roubles, second-highest ever result for the company, it said. Earnings before interest, taxes, depreciation and amortization jumped by 76% to 3.1 trillion roubles in 2024. The company said it earned more only in 2021 and 2022, when European gas prices were at their record-highs.
Reuters
30-04-2025
- Business
- Reuters
Russia's Gazprom returns to annual profit in 2024, earning $14.8 billion
Summary Companies Gazprom recovers from 2023 loss of almost $7 billion Gas business was the most profitable in 2024 Cash investments contributed to net income MOSCOW, April 30 (Reuters) - Russian energy giant Gazprom ( opens new tab swung to a full-year 2024 net profit of 1.2 trillion roubles ($14.76 billion) from previous year's loss thanks to an improved gas business and rising interest income from financial investments, the company said on Wednesday. Gazprom posted a net loss of almost $7 billion for 2023, its first since 1999, due to dwindling sales to the European Union, once its main source of revenue. Gazprom is arguably the Russian business hardest hit by the international sanctions imposed after Russia's invasion of Ukraine three years ago. Although Russia's economy has been resilient, growing signs of strain have appeared in several industries. Commenting on the 2024 results, Gazprom's Deputy CEO Famil Sadygov said the group had a significant liquidity cushion of 1.034 trillion roubles. "This reserve of funds on the balance sheet ensures the Group's high financial stability even in the face of sanctions pressure," he said. Gazprom's shares were up 1.15% on the Moscow exchange as of 1320 GMT. Gazprom still faces challenges from plummeting gas sales in Europe as gas supplies to the region via Ukraine were halted on January 1 after the previous transit deal with Kyiv was not extended. According to Gazprom's report, its gas business earned 756 billion roubles last year, outstripping the oil segment, whose profit totalled 649 billion roubles. Revenue of Gazprom's group, which consists of gas, oil and electric power businesses, rose last year by a quarter to 10.7 trillion roubles, second-highest ever result for the company, it said. Earnings before interest, taxes, depreciation and amortization jumped by 76% to 3.1 trillion roubles in 2024. The company said it earned more only in 2021 and 2022, when European gas prices were at their record-highs. ($1 = 81.3000 roubles)
