By Joshua Manning • 27 September 2022 • 12:58
Russian energy company Gazprom reveals profits of first half of 2022 Credit: rarrarorro/Shutterstock.com
Russian energy company Gazprom revealed its profits for the first half of the year in a statement on its official Telegram channel that stated:
“Famil Sadigov, Deputy Chairman of Gazprom’s Management Committee:”
“In September we traditionally summarise Gazprom Group’s IFRS results for the first half of the year. The key financial indicators for the first six months show a steady growth.”
“In the first half of the year we operated in an environment of high prices on the European gas market. The average gas export price for Gazprom in the first six months of 2022 was more than 3.5 times higher than in the same period of 2021.”
“This laid the foundation for record-breaking financial performance.”
“Gazprom Group’s EBITDA for the first six months of 2022 amounted to RUB 3.052 trillion, which is more than 2 times higher than in the first half of 2021 and represents a new historical record.”
“This result was achieved not only due to high prices, but also to a strict approach to controllable operating costs.”
“The net profit amounted to RUB 2.514 trillion, which is not only 2.6 times more than in the first half of 2021, but also more than the total profit of the Gazprom Group for the previous two calendar years!”
“Such a strong financial result allowed us to consider paying an interim dividend to shareholders for the first time.”
“The dividend base for the first six months of 2022, after the application of non-cash adjustments under the Dividend Policy, was 2.416 trillion roubles, equivalent to 51.03 roubles per share*.”
“In the first half of 2022, we had no borrowings at the Group’s parent company. The amount of Total Debt decreased by almost RUB 1.4 trillion to RUB 3.467 trillion. – to RUB 3.467 trillion.”
“Total debt was positively impacted by the strengthening of the rouble by 31% against the US dollar and 36% against the euro during the reporting period.”
“Long-term borrowings prevail in the structure of the Group’s debt portfolio. Net debt adjusted for deposits amounted to RUB 1.250 trillion, having more than halved in 6 months, reaching its lowest level in seven years.”
“The cash and cash equivalents and bank deposits on the Group’s balance sheet (liquidity cushion) totalled RUB 2.218 trillion.”
“Net Debt/EBITDA** as of the end of 6M 2022 decreased to an extremely low level of 0.23, clearly demonstrating the Group’s strong financial position.”
“*The Board of Directors approved the agenda for the Extraordinary General Shareholders Meeting to be held on September 30, 2022 with a question on the amount of interim dividends on Gazprom’s shares, the timing and form of payment based on the results for the first half of 2022.”
“** Net debt (adjusted for deposits) / EBITDA for the last 12 months.”
The news follows reports that Russian energy company Gazprom will reportedly turn off the Power of Siberia gas pipeline to China due to maintenance work, as reported on Tuesday, September 20.
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Originally from the UK, Joshua is based on the Costa Blanca and is a web reporter for the Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at [email protected]
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