Gazprom Neft's IFRS net profit down 3.4 times in 2020

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AK&M 18 February 2021 19:10

Gazprom Neft's IFRS net profit attributable to the company's shareholders decreased 3.4 times to RUB 117.7 billion, according to the company's financial statements.

Revenue decreased by 19.5% to RUB 2 trillion, adjusted EBITDA by 39% to RUB 485 billion.

Gazprom Neft's IFRS net profit for Q420 tripled year-on-year to RUB 81.5 billion.

Gazprom Neft PJSC (tax number: 5504036333) and its subsidiaries own 61 licenses for the prospecting and development of oil fields. The proven oil reserves in the company's fields exceed 4.5 billion barrels. The company's largest shareholder is Gazprom Group.

IFRS net profit attributable to the shareholders of Gazprom Neft PJSC for 2019 increased by 6.2% YoY to reach RUB 400.201 billion versus RUB 376.667 billion a year earlier. Revenue was RUB 2.485 trillion decreasing by 0.2% YoY from RUB 2.489 trillion). Adjusted EBITDA (earnings before interest, tax, depreciation and amortization) stayed flat YoY at RUB 795.1 billion, despite negative price dynamics and adverse market trends.