Lukoil says April-June IFRS net profit rises 21% to 190 bln rbl

MOSCOW, Aug 27 (PRIME) – Russia’s top private oil company Lukoil increased its April-June net profit by 20.5% to 189.8 billion rubles, as calculated under International Financial Reporting Standards (IFRS), the company said in a statement on Friday.

In January-June, the company received a net profit of 347.2 billion rubles against a loss of 64.7 billion rubles a year before, while EBITDA increased by 120% to 654.2 billion rubles.

In addition to the increase in EBITDA, Lukoil owes its profit growth to the recognition of non-cash asset impairment losses in 2020, the company said.

Lukoil’s EBITDA more than doubled mainly due to higher hydrocarbon prices, ruble devaluation, a positive effect of time lags on the export duty and the mineral extraction tax, as well as the effect of refinery stocks and improved results in international trading and petrochemicals.

Lukoil’s free cash flow amounted to 275.8 billion rubles in the first six months of 2021, an increase of 240% compared to 81 billion rubles in the same period last year.

The company’s capital expenditures amounted to 211.4 billion rubles in January-June of 2021, a decrease of about 14.5% compared to 247.5 billion rubles in the first half of 2020. Capex for the second quarter amounted to 104.2 billion rubles, which is 2.8% lower than 107.2 billion in the first quarter of 2021, the company said.

For more details, please, click on the link below: https://www.lukoil.com/PressCenter/Pressreleases/Pressrelease?rid=557856

(74.0125 rubles – U.S. $1)

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