Transneft reported record profits in 2023 – Kommersant

The net profit of Transneft, the world’s largest supplier of oil and petroleum products via pipeline, grew 1.8 times compared to 2022 according to Russian accounting standards (RAS). For 2023, net profit amounted to 187.038 billion rubles. According to international financial reporting standards (IFRS), the increase in net profit was 21%, to a record 306.6 billion rubles.

Transneft’s revenue according to IFRS increased by 10.5%, to a record 1.331 trillion rubles, according to RAS – by 9.2%, to 1.194 trillion rubles. Operating profit under IFRS increased by 4.3%, to 310.78 billion rubles, profit before taxes amounted to 388.83 billion rubles. compared to RUB 312.05 billion. a year earlier.

Transneft is a Russian transport monopoly, operator of Russian main oil pipelines. The state owns 78.55% of the authorized capital, or 100% of the voting shares.

Revenues from the production and sale of oil and gas based on the results of 2023 made up RUB 8.822 trillion, or 10% more than the base level. The average price of a barrel of Urals oil last year was $62.99 per barrel – above the $60 ceiling set for Russian oil, but below the $70.1 per barrel budgeted for 2023. Compared to 2022 ($76.09), the price of Urals fell by $13.1, or 17%, compared to 2021 – also decreased ($69), but exceeded the 2020 average of $41.73 per barrel.

Read more about the situation in the oil industry in the Kommersant publication. “Oil workers are dizzy from the numbers”.

Anastasia Larina