Gazprom, Russia’s energy behemoth, has reported a substantial financial rebound, highlighting a net profit of 1.2 trillion roubles ($14.76 billion) for 2024. This marks a significant turnaround after incurring a nearly $7 billion loss in the previous year. The improvement is largely due to a stronger gas business and increased interest income from its financial investments. Gazprom, grappling with the repercussions of international sanctions following Russia’s incursion into Ukraine, faced challenges primarily from diminished European sales.
Nevertheless, the company has showcased remarkable profitability in its gas and oil divisions. The gas segment alone accrued 756 billion roubles, making a substantial contribution to the company’s total revenue. This financial prowess underscores Gazprom’s robust cash reserves, which bolster its financial stability, a vital aspect amid ongoing sanction pressures. Deputy CEO Famil Sadygov emphasized the crucial role these reserves play in ensuring resilience and maintaining operations. The company experienced a slight uptick in share prices, along with a 25% rise in group revenue, reaching 10.7 trillion roubles. This marks the second-highest revenue accomplishment, supported by a 76% increase in earnings before interest, taxes, depreciation, and amortization.
Despite geopolitical tensions and market shifts, Gazprom’s strategy prioritizes liquidity and financial stability, illustrating its adaptability in securing profitable avenues amidst challenging circumstances.
