UPDATE: Rosneft swings to 149 bln rbl IFRS net profit in Jan–Mar

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MOSCOW, May 14 (PRIME) -- Russian oil major Rosneft had a 149 billion ruble net profit in January–March against a 156 billion ruble net loss in the same period of 2020, as calculated under International Financial Reporting Standards (IFRS), the company said in a statement on Friday

Sales revenue and income from associated companies and joint ventures grew by 14.2% on the quarter by fell 1.2% on the year to 1.737 trillion rubles in January–March. Earnings before interest, taxes, depreciation, and amortization (EBITDA) jumped by 44% on the year to 445 billion rubles in the period.

Comparable output of oil and condensate rose by 1% on the quarter to 3.75 million barrels per day, or 45.5 million tonnes in the period.

At the same time, the company’s natural gas output increased by 4.6% on the quarter to 166.4 million cubic meters per day in January–March, or a total of 14.98 billion cubic meters.

Rosneft’s oil refining shrank by 8.3% on the year but grew 2.1% on the quarter to 26.4 million tonnes in the period. The depth of refining grew by 1 percentage point on the year to 74.8% in January–March with the output of light oil products rising 0.5 percentage points to 57.4%.

Capital expenditures calculated under IFRS went up by 21.6% to 225 billion rubles due to implementation of the Vostok Oil project. Financial debt of the company contracted by U.S. $2.9 billion, with the net debt to EBITDA ratio amounting to 2.2x as of the end of March.

CEO Igor Sechin said that Rosneft would try to raise the yield for its shareholders in line with recovery of the macroeconomic situation and with growth of operating and financial results.

“In accordance with the dividend policy, the company’s Board of Directors recommended paying 73.55 billion rubles in the form of dividends for 2020. As the macroeconomic environment recovers, production volumes and profits grow, we will strive to increase our shareholder distributions,” Sechin said, as quoted by the company.

Vice President and aide for strategic planning and investment Alexei Salin said during an online conference that Rosneft’s overall capital expenditures in 2021 will slightly exceed the 2020 figure.

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

https://www.rosneft.com/press/releases/item/206147/

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