Russia's Gazprom swings to Q3 loss on one-off tax as 9-month income surges
Q3 net loss at 53 bln rbls on one-off tax impact
Nine-month income jumps thanks to rise in prices, sales
Dividend base at 842 bln rbls
Adds details throughout
MOSCOW, Nov 29 (Reuters) -Gazprom GAZP.MM, Russia's largest gas producer, incurred a loss of 53 billion roubles ($492.5 million) in the third quarter of 2024 due to an expected one-off rise of 20% in the profit tax rate expected in 2025, the company said on Friday.
The company madea profit of 56.4 billion roubles ($529 million) in the same period of 2023.
Gazpromsaid that its nine-month net income rose to 990 billion roubles from 353 billion roubles in the same period of 2023 however thanks to an increase in gas prices and supplies as well as "successful" oil sales and Sakhalin Energy's businesses.
Gazprom acquired a 27.5% stake, formerly owned by Shell SHEL.L in Russian liquefied natural gas (LNG) producer Sakhalin Energy for around $1 billion in March.
The company said the nine-month earnings before interest, taxes, depreciation and amortization increased by 23% year-on-year to 2.14 trillion roubles, one of the highest in the company's history.
It said its basis for a dividend payout as of the end of September reached 842 billion roubles. Gazprom did not pay dividends on 2023 results after incurring its first annual loss since 1999.
State-ownedGazprom has seen its gas sales to Europe, once the main source of revenue, plummeting due to a political rift with the West over the war in Ukraine which started in February 2022.
Its sales are expected to decline further as a 5-year deal with Ukraine for Russian gas transit to Europe via Ukraine expires on Dec. 31. Kyiv has said it will not enter into talks with Moscow about the extension of the agreement.
($1 = 106.4955 roubles)
Reporting by Vladimir Soldatkin
Editing by Andrew Osborn
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
