MOSCOW, November 28. /TASS/. Net profit of Transneft attributable to shareholders for January-September 2025 amounted to 232.7 bln rubles ($2.9 bln), down 7.7% year-on-year, as calculated under the international financial reporting standards (IFRS), the company's report says.
The company attributes the decline primarily to increased income tax expenses. Effective January 1, 2025, the income tax rate was increased from 20% to 25%, and for PJSC Transneft, to 40% through 2030.
Transneft's revenue for the reporting period increased by 1.7% to 1.08 trillion rubles ($13.8 bln).
"The moderate dynamics of this indicator are mainly explained by a decrease in oil transportation volumes, combined with a decrease in revenue from oil export sales due to the strengthening of the ruble and a decrease in the average oil price in US dollars per barrel," the report says.
Profit before tax increased by 9% to 312.2 billion rubles ($4.002 bln). EBITDA increased by 4% to 450 billion rubles ($5.8 bln).
"During the first nine months of 2025, the group experienced significant inflationary pressure on key operating expense items, as well as the effects of a challenging labor market situation and competition among fuel and energy companies for qualified personnel," the company explained.
Operating profit increased by 12% to 270.9 billion rubles ($3.5 bln).
Transneft is a Russian transportation monopoly, the operator of Russia's main oil pipelines. The state owns 78.55% of the company's authorized capital, or 100% of the voting shares.