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Novatek: net profit multiplied by eight in the third quarter over one year

2021-10-27T12:26:50.819Z

The number two Russian gas company, the private group Novatek, announced on Wednesday that it had multiplied its net profit by more than eight in the third quarter ...



The number two Russian gas company, the private group Novatek, announced Wednesday that it had multiplied its net profit by more than eight in the third quarter over a year, welcoming the gradual recovery of global economic activities.

From July to September, the group's net profit stood at 112.9 billion rubles (1.38 billion euros at the current rate), against 13.2 billion rubles for the same period last year, according to a statement from Novatek.

Read also Novatek: green lights in the second quarter but caution remains in order

Turnover for its part climbed 69% to 276.7 billion rubles and EBITDA jumped 93.6% to 181.8 billion rubles.

Novatek, leader in liquefied natural gas (LNG) in Russia, however recorded a slight decline of 0.7% in its gas production and 0.4% in its production of liquid hydrocarbons.

Gas sales increased 0.1% in the third quarter to 16.6 billion m3.

Efficient operational results

These figures result in particular from an increase in the volumes of gas sold on the domestic market due to the launch of additional production facilities and "

increased demand from end consumers, caused by weather conditions

", explains the group.

In 2020, the net profit of the group based in Tarko-Sale, in the autonomous district of Iamalo-Nenetsia where its huge natural gas fields are located, had fallen by 92%, and Novatek had even briefly had accounts in the red.

Read also Novatek: green lights in the second quarter but caution remains in order

"

In 2021, global economic activities, hit by the negative impact of Covid-19, began to gradually recover, but the stability of this recovery is still in question,

" said the group.

"

The rest of the situation linked to the spread of Covid-19 remains uncertain (...) but despite these uncertainties, the group continues to record high-performance operational results and to implement its investment projects

", a- he stressed.

Source: lefigaro

All business articles on 2021-10-27

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