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Transneft's net profit under IFRS for 9 months up by 44% to $2.8 bln — company

In January-September, the company’s revenue increased by 7.8% to $11.04 bln

MOSCOW, November 29. /TASS/. Transneft’s net profit according to international financial reporting standards (IFRS) attributable to shareholders for the first 9 months of 2023 increased by 46.6% year-on-year and reached 245.3 billion rubles ($2.7 bln), the company said in its report.

The company's net profit for the reporting period amounted to 254.4 billion rubles ($2.8 bln) against 176.1 billion rubles ($1.9 bln) a year earlier.

In January-September, the company’s revenue increased by 7.8% to 980.1 billion rubles ($11.04 bln). Operating profit of Transneft increased by 5% - to 253.9 billion rubles ($2.8 bln). Pre-tax profit amounted to 320.7 billion ($3.6 bln) against 219.3 billion rubles ($2.4 bln) a year earlier.

In the third quarter of 2023, Transneft’s net profit under IFRS attributable to shareholders amounted to 63.8 billion rubles ($719 mln) against 48.2 billion rubles ($543 mln) a year earlier, increasing by almost a third. Quarterly revenue increased by 17% to 343.4 billion rubles ($3.8 bln).

Operating expenses for 9 months amounted to 551.2 billion rubles ($6.21 bln).

Transneft is a Russian transport monopoly, operator of Russia's main oil pipelines. The Russian government owns 78.55% of the company's authorized capital, or 100% of the voting shares.