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Gazprom Neft reports profit growth of more than 28% y-o-y in the 1st 9 month 2017

Gazprom Neft has published consolidated financial accounts.

Gazprom Neft reports profit growth of more than 28% y-o-y in the 1st 9 month 2017

Gazprom Neft published on November 15, 2017, its consolidated financial accounts (IFRS) for Q3 2017 and the 9 months ended 30 September 2017.

In the 1st 9 months of 2017, Gazprom Neft achieved revenue of RUB 1,458 billion, an increase of 19.3 % year-on-year.

The company recorded 22.9 % year-on-year growth in its adjusted EBITDA, to RUB 399 billion, attributable to the successful development of new hydrocarbon production projects, growth in retail sales, and the recovery of the oil price and the price of oil products, alongside effective management initiatives.

9 monthes 2017 net profit attributable to shareholders is RUB189 billion, an increase of 28.2 % year-on-year.

Free cash flow for the 9 monthes 2017 totaled RUB 83 billion, supported by increased cash flow from operations and the completion of key infrastructure investments in new upstream projects.

Hydrocarbon production for 9 monthes 2017, including Gazprom Neft’s share in joint ventures, reached 67.05 million tonnes of oil equivalent (mtoe), an increase of 5.6 % year-on-year.

This growth reflected increased production at new assets, including the Novoportovskoye, Messoyakhskoye and Prirazlomnoye fields, as well as in Iraq.

Commenting on the Q3 and 9-month results, Alexander Dyukov, CEO of Gazprom Neft, said: «Gazprom Neft continues to demonstrate solid growth in its financial results driven by progress on new projects, an improved pricing environment and effective management. The company is continuing to implement a growth strategy aimed at further strengthening its position as an industry leader in efficiency and return on investment. In the 1st 9 months of 2017 we have achieved record free cash flow, enabling us to further improve our dividend yield and grow shareholder value.»

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