INTERFAX: RUSSNEFT INCREASED ITS RAS NET PROFIT BY A THIRD IN 2024

In 2024, PJSC “RussNeft” made a net profit of 42.25 billion rubles according to RAS, which is 32.9% more than the result of the previous year (31.785 billion rubles), the company's report says. The company’s revenue increased by 26.4% to 301.83 billion rubles. The cost of sales increased by 28.2%, to 228.7 billion rubles. The revenue from oil sales in the domestic market increased by 14.8%, amounting to 184.89 billion rubles; the revenue from exports abroad increased by more than a half, to 110.42 billion rubles. The company's accounts payable increased by 1.5% over the year, to 125.73 billion rubles. The debt structure of the issuer is dominated by the debt on loans nominated in foreign currencies - 89.69 billion rubles. Thus, the debt on the main loan, taken out back in 2015, decreased to $667.5 million. In 2024, the company paid $205.77 million under the corresponding agreement, including $126.34 million paid ahead of schedule. The explanatory note to the financial statements emphasizes that last year saw a downward trend in the SOFR overnight rate used to calculate accruals under that loan agreement: from 5.4% on January 2, 2024 to 4.49% at the end of the year. At the same time, the issuer attracted another large loan last year - for 1.58 billion yuan (about 21.35 billion rubles) with repayment in rubles at the Moscow Exchange's settlement rate multiplied by a factor of 1.01. As previously reported, by the end of 2024, RussNeft reduced its oil production by 5.3% to 6.092 million tons given the obligations in the Russian Federation under the OPEC+ deal. The reserves addition amounted to over 10 million tons with a replenishment ratio of 171%.