HomeNewsRussia's Gazprom says H1 net income more than tripled to $10.9 B

Russia's Gazprom says H1 net income more than tripled to $10.9 B

8/30/2024

Kremlin-owned gas giant Gazprom said on Thursday its first-half net income more than tripled from a year earlier to more than 1 T roubles ($10.9 B), thanks to rising gas exports and cost controls.

Gazprom plunged to a net loss of around $7 B in 2023, its first year in the red since 1999, as its gas trade with Europe, once its main sales market, dwindled due to the military conflict in Ukraine.

Deputy CEO Famil Sadygov also said on Gazprom's Telegram channel that core earnings in the January to June period rose 19% year on year to 1.459 T roubles due to an improving oil trade and a rise in gas exports, including to China.

He added that a rise in Gazprom's stake in the Sakhalin Energy oil and gas project in Russia's Pacific also boosted its financials, while adjusted net profit, the base for the dividend payment, reached 779 B roubles for six months.

Gazprom said it swung to a second-quarter net income of 389.7 B roubles from a loss of 18.6 B roubles a year before.

Russia has continued to diversify its trade away from the West, which has imposed numerous unprecedented sanctions against Russian business and individuals over the conflict with Ukraine, and cemented its ties with Asia, notably China.

Gazprom's CEO Alexei Miller said earlier on Thursday that the group increased natural gas exports to China by 37% in the first eight months of the year.

 

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