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Lukoil´s net profit for 2019 rose to RUB 640.18 billion ($8.64 billion)

Lukoil´s net profit for 2019 rose to RUB 640.18 billion ($8.64 billion)

Moscow, March 10 - Neftegaz.RU. Lukoil announced today that its net profit rose as a strong performance from its refining, marketing and distribution segment offset a decline in revenue due to lower crude oil and refined products prices. According to company its net profit for 2019 was RUB 640.18 billion ($8.64 billion) compared with RUB 619.17 billion in 2018.

The company sales for 2019 were RUB 7,841.2 bln, which is 2.4% lower year-on-year. Sales dynamics was negatively impacted by lower crude oil and refined products prices and a decrease in refined products trading volumes.

The impact of these factors was partially offset by weaker ruble, an increase in crude oil sales volumes due to higher production and trading volumes, an increase in petrochemicals trading volumes, as well as higher international gas prices and gas production volumes.

Despite lower sales, our EBITDA for 2019 increased by 10.9% year-on-year, to RUB 1,236.2 bln.

In 2019, profit attributable to LUKOIL shareholders amounted to RUB 640.2 bln, 3.4% higher year-on-year. The growth was constrained by higher depreciation and lower non-cash foreign exchange gain.

In 2019, free cash flow was RUB 701.9 bln, which is 26.4% higher year-on-year. The increase was due to higher operating cash flow and almost flat capital expenditures.

Capital expenditures were RUB 450.0 bln, almost unchanged year-on-year.

Financial highlights:

4Q 2019 3Q 2019 12M 2019 12M 2018
(billion rubles)
1,912.4 1,952.3 Sa​les 7,841.2 8,035.9
278.2 327.8 EBITDA 1,236.2 1,114.8
211.8 212.0
Exploration and production segment
894.0 870.3
82.2 116.4
Refining, marketing and distribution segment
371.6 282.1
119.3 190.4 Profit for the period attributable to LUKOIL shareholders 640.2 619.2
135.9 109.1 Capital expenditures 450.0 451.5
184.7 208.9 Free cash flow 701.9 555.1
139.8 196.1 Free cash flow before changes in working capital 708.7 588.7

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