MOSCOW, March 20. /TASS/. Net profit of Transneft under International Financial Reporting Standards (IFRS) attributable to shareholders increased by 22% in 2023 compared with the previous year to record 296.51 bln rubles ($3.2 bln), the company reported. Transneft’s net profit rose by 21% in the reporting period to another record level of 306.6 bln rubles ($3.3 bln) compared with 253.96 bln rubles in the previous year.

Revenue grew by 10.5% last year to 1.331 trillion rubles ($14.3 bln), which is also a record for the company. Operating profit added 4.3% to 310.78 bln rubles ($3.3 bln). Profit before tax amounted to 388.83 bln rubles ($4.2 bln) compared with 312.05 bln rubles ($3.3 bln) in the previous year.

Q4 net profit attributable to shareholders totaled 51.2 bln rubles ($553 mln) compared with 75.27 bln rubles in the previous year, while revenue gained 19% to 350.79 bln rubles ($3.8 bln).

Operating expenses amounted to 778.1 bln rubles ($8.4 bln).

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.