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August 20, 2021updated 26 Oct 2021 11:45am

Russia’s Gazprom Neft swings to $2.92bn profit in H1 2021

The company’s revenue rose by 46.6% while adjusted EBITDA increased 138.8% to $5.85bn.

By Archana Rani

Russia’s Gazprom Neft has reported a net profit of $2.92bn (RUR217.2bn) for the first half of 2021, an increase of 26 times compared to $110.9m (RUR8.232bn) in the same half of last year.

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The oil business of Russian state gas company Gazprom reported revenues of RUR1,338tn, a surge of 46.6% compared to RUR912.833bn in H1 2020.

Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 138.8% to $5.85bn (RUR434.6bn) in H1 2021 compared to $2.45bn (RUR181.98bn) a year earlier.

Gazprom Neft attributed this increase to a surge in prices of oil and petroleum products, and higher sales of domestic petroleum products.

The company’s hydrocarbon production in H1 2021 was 48.5 million tonnes of oil equivalent (Mtoe), flat year-on-year.

Refining volumes for H1 2021 increased by 5.9% to 20.7Mt compared with 19.50Mt in the same period of 2020.

Gazprom Neft CEO and management board chairman Alexander Dyukov said: “Gazprom Neft demonstrated significant growth across all key financial indicators in the first half of 2021, effectively exploiting every available market opportunity.

“Throughout the second half of 2021, the company will focus on increasing hydrocarbon production in response to new market opportunities, efficiency improvements across all processes and further technological development.”

“One of our top priorities is ensuring high shareholder value, including through paying dividends of at least 50% of the company’s net profit.”

The company has set a goal to deliver a 30% carbon intensity reduction by 2030.

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Identify the trends of tomorrow using filings sentiment analysis

Business sentiment continues to improve, showing a clear recovery since the onset of COVID-19. Sentiment in 2021 was up by 8% compared to 2020. Industrials had the highest sequential filings sentiment growth in Q3 2021. Optimism around digital themes and general outlook drove the positive trend in overall business sentiment. GlobalData’s Filing Analytics Annual Report 2021 on Industrials provides insights into sentiment and mention trends for companies, geographies, and themes. Get real-time analysis of:
  • Quarterly & annual reports
  • Earnings call transcripts
  • IPO filings
  • Events presentations
  • ESG filing trends
Understand the overall outlook for ADS, Construction, Mining, Oil & Gas, Power and Automotive, and spot the topics and themes that will be most impactful in the next few years. Download the full report to understand what to expect and how to align your business for success.
by GlobalData
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