Russian Gazprom Neft's net profit for the first nine months of 2017 increased by 28.2 percent year-on-year, the company said on Wednesday.
The company said that its net profit was around 189 billion Russian rubles ($3.14 billion), driven by effective management initiatives and organic growth.
Gazprom Neft also said that adjusted earnings before interest and taxes was 22.9 percent up year-on-year for the first nine months of 2017, at 399 billion rubles.
'It was attributable to the successful development of new hydrocarbon production projects, growth in retail sales, the oil price recovery and the price of oil products, alongside effective management initiatives,' it explained.
Commenting on the nine-month results, Alexander Dyukov, chairman of Gazprom Neft, said that the company continues to demonstrate solid growth in its financial results driven by progress on new projects, an improved pricing environment and effective management.
'The company is continuing to implement a growth strategy aimed at further strengthening its position as an industry leader in efficiency and return on investment,' he noted.
By Murat Temizer
Anadolu Agency
energy@aa.com.tr