Russia's energy giants Rosneft and Gazprom posted revenue increases in the first half of 2021, the companies’ financial results showed on Friday.
Rosneft posted revenues of 3.9 trillion rubles ($54 billion) between the January and June period this year, increasing nearly 40% compared to the same period of 2020, according to Rosneft's financial statement.
The company's net income reached 382 billion rubles ($5.1 billion) during the same period this year.
“In the reporting period, despite all the challenges stemming from the COVID-19 pandemic, we managed to ensure continuity of our business and demonstrated strong financial and operating results,' Rosneft’s Chairman and Chief Executive Officer Igor Sechin was quoted as saying in the statement.
He noted that thanks to the improvement in the macroeconomic environment in the second quarter, in particular the recovery of prices for crude oil and petroleum products on international markets, the company’s net profit level was among the highest in its history, while the EBITDA and Free cash flow more than doubled in the first half of 2021.
The revenues of Russia’s gas giant Gazprom also increased by 46.3% in the first half of 2021, reaching 2.8 trillion rubles ($37 billion).
The company's net income totaled 718 billion rubles ($9.7 billion) in the same period.
Gas exports to western European countries also rose by 28.5% to 77.2 billion cubic meters, while gas exports to Turkey increased almost threefold to 14.6 billion cubic meters, according to Gazprom.
Reporting by Emre Gurkan Abay
Writing by Ebru Sengul Cevrioglu