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Rosneft's net profit for 1Q 2023 up by 46% quarter-on-quarter to $3.9 bln — company

Operating profit totaled 488 bln rubles ($6 bln), which is almost 36% up quarter-on-quarter

MOSCOW, May 31. /TASS/. In the first quarter of 2023, Rosneft's net profit attributable to shareholders increased by 46% quarter-on-quarter to 323 billion rubles ($3.9 bln), as calculated under international financial reporting standards (IFRS), the company said in a press release on Wednesday.

In the reporting period, revenue decreased by 1.1% qoq to 1.823 trillion rubles ($22.5 bln), while the ruble price of Urals oil fell by 8.2%, the company notes

EBITDA increased by 25.1%, reaching 672 bln rubles ($7.7 bln), "which was partly attributable to the reduction of unit operating expenses for hydrocarbon production and for refining in Russia by 5.0% and by 12.7% quarter-on-quarter, respectively. The EBITDA margin reached a record high of 36.7%," the company says.

Capital expenditure for Q1 2023 amounted to 275 bln rubles ($3.4 bln), "showing a QoQ decline of 11.3%, primarily due to seasonal drivers."

Operating profit totaled 488 bln rubles ($6 bln), which is almost 36% up quarter-on-quarter.

"In the reporting period, Rosneft paid interim dividends to the Company shareholders totaling over 216 bln rubles ($2.6 bln) in full and on time," the company notes.

The ratio of Net debt/EBITDA at the end of the quarter was 1.3x in dollar terms, which is in line with the ratio level as of the end of 2022, according to the press release.

"Significant amount of liquid financial assets on the books as well as available credit lines also support the high level of financial stability of the company," the statement says.

According to the press release, the Company continues to optimize its debt structure in order to match the revenue structure and reduce the cost of debt.

Price freeze on Russian fertilizers extended, producers push for 15% increase

Companies have submitted a respective request to the Industry and Trade Ministry, the source said

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Combat experience distinguishes Su-57 among fifth-generation fighters

The Russian Defense Ministry said it excellently performed in combat

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Russian politician condemns destruction of dam on Kurakhovo reservoir as Kiev’s terror act

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Russian emergencies chief visits Cuba

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Mikhail Bogdanov added that it allows using those debts "to implement socio-economic projects directly in the country"

Russian PM to attend UN Climate Change Conference in Baku

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Ukraine admits to mismanagement of military personnel

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Medvedev characterizes Great Britain as eternal adversary of Russia

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On the same day, the Moldovan foreign ministry accused Russia of violating its air boundaries, slamming this incident as an "unfriendly step"

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Russia keeps building defense capacity despite conflict in Ukraine — Polish general

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Russian Permanent Representative to the United Nations Vasily Nebenzya noted that Resolution 2735 was only a tool to gain time for Israel

FSB foils attempted terrorist attack on power station in Nizhny Tagil

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Moldova expresses displeasure about Georgian prime minister’s comments

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Ukraine imposes sanctions on maintenance services of two Moscow airports

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Frank Giletti asked to speed up the commissioning of previously ordered Rafale planes to the armed forces

Russia to ensure parity in response to US missile defense system in Poland — Kremlin

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Russia for the first time displays Su-57 jet at China show

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Russian forces destroy Ukrainian Stryker armored vehicle in Kharkov Region

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Russian troops secure supply route to Plekhovo in Kursk Region — commander

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