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Eastern Economic Forum

Novatek’s profit to rise by 25% in 2023 compared to 2021

Net profit of Novatek attributed to shareholders amounted to $1.73 bln as of the end of the first six months of 2023

VLADIVOSTOK, September 12. /TASS/. Novatek expects net profit and revenue to rise by 25% in 2023 compared with 2021, which will also result in an increase in dividend payments that will total 50% of profit, Chairman of the Management Board Leonid Mikhelson told reporters on the sidelines of the Eastern Economic Forum (EEF).

"Compared to 2021 growth will equal around 25% for total financial results [net profit and revenue]. We stick to our dividend policy to allocate 50% of net profit [for payments]," he said.

It is more correct to compare with 2021 as 2022 was abnormal for the sector, with gas companies making record profit due to a surge in gas prices, Mikhelson noted.

Net profit of Novatek attributed to shareholders amounted to 62.7 bln rubles ($697.3 mln) in the second quarter of 2023 and to 155.6 bln rubles ($1.73 bln) as of the end of the first six months of 2023.

Capital expenses of the company stood at 58.6 bln rubles ($651.7 mln) in the second quarter of this year and totaled 105.5 bln rubles ($1.17 bln) in the first half of 2023. Revenue climbed to 643 bln rubles ($7.1 bln) in the first six months of this year, while EBITDA totaled 415.8 bln rubles ($4.6 bln).

The company did not post financial results for the like period of the last year.

The 8th Eastern Economic Forum (EEF) is being held in Vladivostok on September 10-13, 2023. The slogan for this year’s forum is: On the Path to Partnership, Peace and Prosperity. The Roscongress Foundation is the event organizer. TASS is the EEF’s general information partner.

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