The profit to shareholders of PJSC Transneft under IFRS for the first quarter of 2025 fell by 14.9% to 80.329 billion rubles from 94.401 billion rubles a year earlier. This is stated in the company's report. The change is due to an increase in income tax expenses. Since January 1, 2025, the federal income tax rate for Transneft has been raised to 40% until 2030 inclusive.
Revenue fell by 2% to 361.599 billion rubles from 369.059 billion rubles. Profit before tax increased by 8% to 133.808 billion rubles from 124.188 billion rubles. Earnings before interest, income tax and depreciation (EBITDA) remained close to the level of the previous year and amounted to RUB 159 billion.
Free cash flow turned out to be negative at the level of -10 billion rubles, mainly due to an increase in VAT tax assets, an increase in income tax payments, as well as an increase in cash outflow to finance capital investments.
Labor costs, insurance premiums, social expenses, pension accruals and expenses for voluntary employee insurance (operating expenses excluding depreciation and impairment) increased to 76.637 billion rubles from 64.833 billion rubles.
The debt on dividends to shareholders of PJSC Transneft (accounts payable and other liabilities) amounted to 1.732 billion rubles against 1.54 billion rubles.
PJSC Transneft (TIN 7706061801) holds a monopoly position in the oil export market by pipeline. The Transneft Group has the largest oil pipeline system in the world.
Transneft's RAS net profit for the first quarter of 2025 fell by 19% to 34.6 billion rubles from 42.7 billion rubles a year earlier. Revenue fell by 0.26% to RUB 322.74 billion from RUB 323.59 billion.
