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31 Mar, 15:54

TGC-2 net loss under IFRS falls to $38.6 mln in 2024

Revenue for the year increased by 9% to $669.74 mln

MOSCOW, March 31. /TASS/. TGC-2’s net loss for 2024 under the International Financial Reporting Standards (IFRS) declined to 3.27 bln rubles ($38.6 mln), compared to a loss of 15.4 bln rubles ($181.82 mln) the previous year, according to the company’s financial report.

Revenue for the year increased by 9% to 56.7 bln rubles ($669.74 mln). Operating profit surged by 96%, reaching 1.4 bln rubles ($16.5 mln). Pre-tax loss was reduced to 4.77 bln rubles ($56.34 mln), down from 15.99 bln rubles ($188.87 mln) in 2023.

In July 2024, Russian President Vladimir Putin ordered the transfer of the Russian government’s stake in TGC-2 into the trust management of Gazprom Energoholding’s subsidiary, Tsentrenergoholding. The stake being transferred exceeds 84%.

In 2023, a ruling by the Leninsky District Court of Yaroslavl came into effect, mandating the confiscation of more than 83% of TGC-2’s shares - previously owned by former Federation Council member Leonid Lebedev - into state revenue. The stake was valued at approximately 80 bln rubles ($945,039).