VARIOGANNEFT INCREASED ITS NET PROFIT MORE THAN TWOFOLD UP TO 1.56 BILLION RUB IN 2016 UNDER THE RUSSIAN ACCOUNTING STANDARDS (RAS)
Khanty-Mansiysk. OAO Varioganneft, PJSC “RussNeft” subsidiary in Khanty-Mansiysk autonomous district, received the net profit in amount of 1.56 billion RUB in 2016 as per the RAS which is 2.5 times greater than in 2015, the company’s report says.
The company’s revenue increased 43.5% up to 21.5 billion RUB, the gross profit increased 1.8 times up to 2.68 billion RUB.
Despite the 6.8% growth of the administrative costs up to 759.823 million RUB, the company received 1.92 billion RUB profit from sales (2.5 times growth).
In 2016, the company’s accounts payable increased from 4 billion 425.134 million RUB to 8 billion 458.995 million RUB, the accounts receivable increased from 2 billion 672.876 million RUB to 7 billion 415.999 million RUB.
As informed earlier, Varioganneft increased its oil production 11% in 2016 against 2015 up to 2.375 million tons, the associated petroleum gas production grew 38% up to 1 billion 636 million cubic meters.