Gazprom's net profit rose to $8.4B in Q1

MOSCOW

Russian energy company Gazprom's net profit rose 1% in the first quarter of the year compared to the same period last year, reaching 660.4 billion rubles (around $8.4 billion).

The company's net profit was influenced by the ruble's strengthening against foreign currencies, enabling the company to benefit from the revaluation of its foreign exchange liabilities, the company said on Friday.

Revenues also increased 1% in the first quarter compared to last year, reaching 2.8 trillion rubles ($35.6 billion.)

Gazprom, which was Europe's largest natural gas supplier before the war in Ukraine, increased its market share in the continent to 40% by 2022 with pipeline investments that lasted for about 50 years.

Due to sanctions, Gazprom lost customers to liquefied natural gas (LNG) suppliers such as the US, Qatar, and Norway.

Last year, it shipped approximately 15 billion cubic meters of natural gas to Europe, while the volume in 2021 was 201.7 billion cubic meters.

Meanwhile, the company said on Friday that the first 100 billion cubic meters of natural gas had been shipped to China via the Power of Siberia Pipeline.