MOSCOW, July 24. /TASS/. Net profit of Novatek under International Financial Reporting Standards (IFRS) increased 2.2-fold in the first half of 2024 year-on-year to 341.7 bln rubles ($3.8 bln), the company reported.

Revenue rose by 17% to 752.4 bln rubles ($8.5 bln). Normalized EBITDA gained 15.6% to 480.65 bln rubles ($5.5 bln). Net cash provided by operating activities of the group were almost flat at 182.4 bln rubles ($2 bln), capital investment totaled 122 bln rubles ($1.38 bln), up by 15.7% year-on-year.

Novatek’s net profit attributable to shareholders amounted to 463 bln rubles ($5.09 bln) in 2023.

Novatek is Russia's largest independent natural gas producer. The company conducts exploration, production and processing of gas and liquid hydrocarbons. Leonid Mikhelson (24.76%) and Gennady Timchenko (23.49%) are Novatek’s largest shareholders (according to latest public data). The French company Total owns 19.4% in Novatek, while Gazprom holds 9.99%.