NOVATEK says its profit in 2016 increased by more than three-fold to RR 257.8 billion
PAO NOVATEK has released its audited consolidated financial statements for the year ended 31 December 2016 prepared in accordance with the International Financial Reporting Standards (“IFRS”).
For the twelve months ended 31 December 2016, total revenues increased by 13.1% year-on-year to RR 537.5 billion. The Company also recorded an increase of 13.2% in the Normalized EBITDA, including our respective share in the EBITDA of joint ventures, which totaled RR 242.4 billion. The growth in revenues and EBITDA was largely driven by the increase in natural gas and liquids sales volumes as well as an increase in the proportion of liquids sold in our total sales mix.
Profit attributable to NOVATEK shareholders increased by more than three-fold to RR 257.8 billion (RR 85.41 per share), as compared to RR 74.4 billion (RR 24.63 per share) in 2015. The amount of profit and its dynamics were significantly impacted by the foreign exchange effect (including at the joint ventures level), as well as the effect of the disposals of interests in joint ventures.