Rosneft says IFRS net profit falls 8% to 813 bln rbl in 2022

MOSCOW, Mar 20 (PRIME) -- The net profit of Russian oil major Rosneft fell by 7.9% on the year to 813 billion rubles in 2022 due to the impact of external non-cash factors like a transfer of the German assets to external management and changes in the ruble rate, as calculated under International Financial Reporting Standards (IFRS), the company said in a statement on Monday.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) gained 9.5% to 2.551 trillion rubles, while the adjusted opeating flow increased by 1.3^ to 2.121 trillion rubles.

The company’s capital expenditures grew by 7.9% to 1.1 trillion rubles, but its debt burden shrank by 0.7 trillion rubles. The ratio of net debt to EBITDA remained almost flat in the year at 1.3x as of the end of 2022.

The company also said quoting CEO Igor Sechin that its net profit for 2022 would allow the company to continue paying stable dividends.

In February, Rosneft paid 216 billion rubles in interim dividends, or 50% of the net profit for January–June 2022 calculated under IFRS, Sechin added.

(76.6044 rubles – U.S. $1)

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