MOSCOW, August 29. /TASS/. Transneft’s net profit under the International Financial Reporting Standards (IFRS), attributable to shareholders, fell by 9.9% in the first half of the year to 153.4 bln rubles ($1.91 bln), compared with 170.2 bln rubles ($2.12 bln) a year earlier, according to the company’s financial report.
According to the company, the 10% decrease compared to the same period last year was primarily due to higher income tax expenses. The increased profit tax rate of 40% for Transneft is in effect from early 2025 through the end of 2030, the company stated. Transneft’s total net profit in the first half of the year stood at 161.4 bln rubles ($2.01 bln), compared with 177.8 bln rubles ($2.21 bln) a year earlier.
Transneft’s revenue grew by 0.3% to 719.5 bln rubles ($8.94 bln), according to the report. The restrained revenue dynamics were mainly attributed to lower oil transportation volumes compared with the same period last year, in connection with OPEC+ agreements, the company explained.
Pre-tax profit rose by 3.6% to 209.8 bln rubles ($2.61 bln). EBITDA for the first half amounted to 308 bln rubles ($3.83 bln), up 3% year-on-year. Operating profit increased by 3.5% to 188.3 bln rubles ($2.34 bln).
Transneft is Russia’s transportation monopoly and operator of the country’s trunk oil pipelines. The state holds 78.55% of the company’s charter capital, representing 100% of voting shares.