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2611

Rosneft reported record profits for 2021

Last year's earnings will provide a record level of dividends, Rosneft CEO said

Rosneft reported record profits for 2021

Source: Rosneft

Moscow, February 11 - Neftegaz.RU. Amid the increase in oil prices, Rosneft reported record financial results for 2021.
Rosneft’s net income reached RUB 883 billion ($11.8 billion) in 2021, from RUB 147 billion ($1,96 billion) in 2020.

Like other global oil&gas producers, Rosneft benefited from recovering demand in 2021 after the pandemic hit consumption in 2020.

EBITDA in 2021 increased by 92.7% and reached a historic high of RUB 2.33 trillion.
Net financial debt and trade prepayments decreased by $5.5 billion compared to the beginning of 2021, and the ratio of net debt to EBITDA was 1.3, having almost halved over the year.

Rosneft’s CEO Igor Sechin said:
  • Against the background of the recovery of the global economy, the company achieved new financial records in 2021
  • Rosneft reached the maximum levels of EBITDA and Net income in the company’s history
  • Consistently working towards strengthening leadership in the unit upstream operating costs, the management already in 2021 achieved a reduction of this indicator to 2.7 $/boe which is 3.6% below the level of 2020
  • This is the lowest level in the past 5 years
  • Taking into account the company's commitment to the dividend policy, the earnings of 2021 will provide a record level of dividends
Rosneft's dividend payout ratio of at least 50% of net profit under IFRS is one of the highest in the industry.
Analysts of the American bank J.P. Morgan expect the company's dividend yield at the level of 11-13 % in 2022-2023.

To read the full story in Russian

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