Gazprom Neft’s net profit exceeds RUB400 billion in 2019
Gazprom Neft has announces its IFRS consolidated financial statements for the 12 months ended 31 December 2019 (FY2019).
In 2019, revenue totalled RUB2.485 trillion, maintaining the 2018 level. Adjusted EBITDA remained stable, at RUB795.1 billion — the negative price trend and market environment notwithstanding. Net profit attributable to Gazprom Neft PJSC shareholders grew by 6.2% year-on-year to RUB400.2 billion.
Gazprom Neft reduced its net debt-to-EBITDA ratio to 0.7 in 2019, as well as optimised its debt portfolio. The Company’s operating free cash flow was up 13% year-on-year, which resulted in a free cash flow (FCF) of RUB156 billion in 2019.
Gazprom Neft is a vertically integrated oil company primarily engaged in oil and gas exploration and production, refining, and the production and sale of petroleum products.