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.