MOSCOW, March 20. /TASS/. Net profits of Rosneft attributed to shareholders under the International Financial Reporting Standards (IFRS) declined by 14.4% annually to 1.084 trillion rubles ($12.8 bln), the Russian oil major said.
The company explains that primarily by the increase in borrowing rates and non-monetary factors, including revaluation of currency-denominated liabilities and the effect of the income rate change. Revenues of Rosneft gained 10.7% year on year amid the Urals oil price hike and totaled 10.139 trillion rubles ($119.4 bln). EBITDA had an uptick by 0.8% to 3.029 trillion rubles ($35.7 bln). The EBITDA margin was 29.7%.
Company’s expenses for paying interest on loans increased by 1.5 times, Rosneft CEO Igor Sechin said. "Considerable growth of the key rate had extra pressure on the net profit indicator. In particular, interest expenses of the company for credits and loans grew by 1.5 times in 2024," Sechin said.