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Gazprom’s profit fell eight times

Gazprom’s profit fell eight times

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Gazprom’s profit fell due to a sharp drop in gas supplies in Europe. The result for January-June turned out to be lower than the average market forecast.

The net income of Russian Gazprom in the first half of 2023 reached 296 billion rubles, which is eight times lower than the income for the first half of 2022 – 2.5 trillion rubles. This was reported by the Russian edition of Forbes.

Famil Sadygov, deputy chairman of the company’s board, explained the drop in income to the lowest in three years by the influence of exchange rate differences on financial items of 567 billion rubles against the backdrop of a depreciation of the ruble during 24% against the dollar and 26% against the euro.

In this regard, Bloomberg said that Gazprom’s profits fell due to a sharp decrease in gas supplies in Europe. The result for January-June was below the average market forecast of 363 billion rubles.

Sadigov maintains that the decrease in exports to Europe is partially offset by the increase in supplies to China, which will continue to grow as part of contractual obligations, as well as due to the efficient operation of the oil business.

Earlier it became known that Gazprom decided not to pay dividends for 2022. This happened due to the fact that the annual profit of the gas monopoly fell by 41%.

Russia’s EU gas revenue to fall by 75% this year – Reuters
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Source: korrespondent

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