Rosneft company published financial results of IFRS activities for the third quarter and 9 months of 2021. Despite all the difficulties that the market faced due to a pandemic, in the reporting period Rosneft managed to demonstrate high results.
NC profits for nine months reached 696 billion rubles, which is a record for this period and more than 4.6 times higher than the net profit of Rosneft, obtained following the results of 2020, crisis for the global economy.
Net profit of the third quarter increased by 35 percent in quarterly expression and amounted to 314 billion rubles (the second in terms of the company’s history among the quarterly indicators of the net profit of the NC Rosneft). The increase is associated with an increase in operating profit and a decrease in the negative effect of non-monetary factors.
The net profit of the company exceeded analysts by 6 percent. According to the consensus forecast prepared on the basis of investment companies and banks, this figure was predicted at the level of 296 billion rubles.
Rosneft’s net profit rate According to the results of the third quarter in dollars (4.3 billion) higher than those of such Majorov as Equinor, BP, Petrochina, Shell. At the same time, its growth dynamics is one of the highest in the industry in the reporting period.
The EDITDA indicator “Rosneft” in January-September grew almost 2 times in annual terms and amounted to 1.654 trillion rubles. This is the highest level of EBITDA in the entire history of NK Rosneft. EBITDA margin has grown for the same period by 6.6 percentage points. And amounted to 26 percent.
Following the third quarter, EBITDA increased by 12 percent and reached 638 billion rubles. EBITDA margin grew by 1.1 percentage points. and amounted to 27 percent. This is the maximum level for the last 12 blocks.
EBITDA indicator in July-September also exceeded analysts’ expectations that were at the level of 629 billion rubles.
“In the third quarter of 2021, the company demonstrated high financial indicators. In the reporting period, we reached a new historical record in the EBITDA indicator per unit of production, and the absolute values of EBITDA and the free cash flow became maximum for the last 12 quarters,” the main results commented on Executive Director of NK “Rosneft” Igor Sechin.
Rosneft revenue for nine months increased by almost 47 percent in rubles (up to 6.224 trillion rubles) and 37.2 percent in dollars (85.9 billion dollars).
Following the third quarter, revenue increased by 7.1 percent in rubles, up to 2.32 trillion and 8.1 percent in dollars, to 32.2 billion.
Increased revenue is associated mainly, with an increase in the volume of sales of petroleum products in the domestic market, as well as an increase in oil prices against the backdrop of increasing oil production volumes, taking into account the gradual mitigation of restrictions under the OPEC agreement.