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Gazprom Neft posts almost 8% rise in 1H net profit under IFRS

Revenue climbed by 30.1% to 2.018 trillion rubles ($23.5 bln)

MOSCOW, July 25. /TASS/. Net profit of Gazprom Neft under International Financial Reporting Standards (IFRS) increased by 7.9% in the first half of 2024 year-on-year to 328.47 bln rubles ($3.8 bln), the company reported.

Revenue climbed by 30.1% to 2.018 trillion rubles ($23.5 bln).

Q2 net profit rose by 20.6% in annual terms to 168.98 bln rubles ($1.9 bln) while revenue gained 27% to 1.04 trillion rubles ($12 bln).

Adjusted EBITDA grew by 11.9% in 1H to 704 bln rubles ($8 bln), while net debt/EBITDA ratio remained at 0.45. Free cash flow surged by 76.8% to 161.2 bln rubles ($1.8 bln). Operating profit added slightly less than 1% to 393.38 bln rubles ($4.6 bln), while pretax profit went up by 13.5% to 420.2 bln rubles ($4.9 bln).