Net income of Rosneft in the second quarter of 2014 jumped fivefold year-on-year to RUB 172 billion. The net income increase exclusive of the foreign exchange effect is 88% year-on-year which offset the negative foreign exchange effect in 1Q14. Net income of Rosneft for the first half of 2014 was 260 billion roubles. Exclusive of the foreign exchange effect, the net income growth in 1H14 equaled 60%, the Company said in its interim consolidated financial statements for 2Q14.
The sales proceeds (including the revenue from the affiliates and associates) in 2Q2014 rose 22% year-on-year to RUB 1,435 billion. The increase was mainly due to the higher sales volumes. Sales revenue for the first half of the year increased by 41.3% on 1H2013 to RUB 2,810 billion.
EBITDA for 2Q grew by 41% to RUB 304 billion and in 1H – by 59.8% to RUB 593 bullion.
Rosneft is the leader of Russia’s petroleum industry and the world’s largest publicly traded petroleum company. Rosneft activities include hydrocarbon exploration and production, upstream offshore projects, hydrocarbon refining, and crude oil, gas and product marketing in Russia and abroad. The Company is included in the list of strategic companies and organizations of Russia. The main Company shareholder (69.50%) is OJSC ROSNEFTEGAZ, a 100% state-owned company. BP owns another 19.75%, and the remaining 10.75% of shares are publicly traded.