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Transneft posts 48% rise in 1H net profit under IFRS to $1.9 bln

Meanwhile, "certain units of the group at taxpayers of the windfall tax," the company noted

MOSCOW, August 29. /TASS/. Net profit of Transneft under International Financial Reporting Standards (IFRS) attributable to shareholders soared by 52.4% in 1H 2023 year-on-year to 181.5 bln rubles ($1.89 bln) the company reported. Net profit amounted to 187.6 bln rubles ($1.9 bln) in the reporting period compared to 126.37 bln rubles in the previous year.

Revenue rose by 3.4% in 1H to 636.68 bln rubles. Operating profit added 8% in the period to 189.88 bln rubles. Profit before tax totaled 233.13 bln rubles compared with 160.44 bln rubles in the same period last year.

Meanwhile, "certain units of the group at taxpayers of the windfall tax," the company noted.

Transneft is a Russian transport monopoly, operator of Russia’s trunk pipelines. The state owns 78.55% of the company’s authorized capital, or 100% of voting shares.

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