Lukoil: IFRS net profit jumps 50% to 619.2 bln rbl in 2018

MOSCOW, Mar 4 (PRIME) -- The net profit attributable to the shareholders of Russian oil major Lukoil jumped by about 50% to 619.2 billion rubles in 2018, as calculated under International Financial Reporting Standards (IFRS), as seen by PRIME in materials of the company on Monday.

Sales revenue went up 35.4% to 8.036 trillion rubles, and earnings before interest, taxes, depreciation, and amortization (EBITDA) grew by 34.1% to 1.115 trillion rubles.

The company attributed the increase in sales to high prices for hydrocarbons, depreciation of the ruble, and growth in the sales of oil and natural gas. Better EBITDA was supported by a higher share of high-margin volumes in the structure of oil production, a higher gas output in Uzbekistan, growth of oil output in Russia in July–December 2018, lower production costs, and higher sales through premium sales channels.

Free cash flow of Lukoil more than doubled to 555.1 billion rubles in 2018 due to a high operating cash flow before changes in working capital, and due to a cut of capital expenditures. The company’s expenditures fell 11.7% on the year to 451.5 billion rubles as Lukoil finished major construction works at gas projects in Uzbekistan, the company said.

For further details, see the company’s statement on its official website:

http://www.lukoil.com/PressCenter/Pressreleases/Pressrelease?rid=328341

(65.7956 rubles – U.S. $1)

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