2021 May 14 14:56

Rosneft reports its 1Q 2021 net income of RUB 149 bln

Rosneft has reported its Q1 2021 IFRS financial results. 1Q 2021 Net Income reached RUB 149 bln versus the loss in the same period of the previous year, says the company’s report.

Revenues and equity share in profits of associates and joint ventures fell by 1.2%, year-on-year, to RUB 1,737 billion.

EBITDA amounted to RUB 445 bln in 1Q 2021, or 44% higher than in 1Q 2020.

Commenting on financial results of 1Q 2021 Rosneft’s Chairman of the Management Board and Chief Executive Officer Igor Sechin said: “Despite all the difficulties caused by the COVID-19 pandemic, “Rosneft” demonstrated strong financial results: Shareholder’s net income amounted to RUB 149 billion, EBITDA was the highest since the beginning of the pandemic, financial debt decreased by USD 2.9 billion and free cash flow was close to the quarterly average of pre-crisis 2019”, .

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.