Gazprom reports USD15 billion net profit
(MENAFN) Russian energy giant Gazprom has reported a significant turnaround in 2024, posting a net profit of 1.2 trillion rubles (approximately $14.76 billion) after suffering its first loss in over 20 years the previous year. The recovery is largely credited to increased gas exports to China and higher income from financial investments, the company announced on Wednesday.
Gazprom’s deputy CEO, Famil Sadygov, said the company improved its key financial metrics in 2024, reflecting the strength and adaptability of its business model. The boost in earnings follows a difficult period for Gazprom, which saw its dominance in the European gas market collapse due to Western sanctions related to the Ukraine conflict and the sabotage of the Nord Stream pipelines. By 2024, Russia’s share of EU pipeline gas imports had dropped from over 40% in 2021 to about 11%.
The company’s revenue across its operations in gas, oil, and electricity rose 25% to 10.7 trillion rubles ($130.8 billion), its second-highest annual figure, trailing only the record set in 2022 during a spike in European gas prices. Meanwhile, Gazprom’s expenses fell by 3% to 2.4 trillion rubles ($29.5 billion), and its debt remained stable at 6.7 trillion rubles. The company also reported more than 1 trillion rubles in cash reserves.
Sadygov emphasized that this financial cushion ensures Gazprom’s stability even amid ongoing international sanctions. The company’s performance stands in contrast to 2023, when it reported a net loss of $6.8 billion, following a dramatic fall in EU sales. In comparison, it had earned $13.2 billion in profit in 2022.
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