Russian oil giant Rosneft increased its quarter-on-quarter income by around 92.8% despite market price volatility and western sanctions against Russia, the company said in its financial results statement released Thursday.
Rosneft recorded a net income of 486 billion rubles (roughly $5.4 billion) in the first quarter of 2024. The company had earned around $2.8 billion during the last quarter of 2023.
The company achieved growth in key financial indicators “despite market price volatility and increased external pressure, including new sanctions by unfriendly countries, as well as the impact of the OPEC+ agreement on operating performance,” Rosneft’s Chairman and Chief Executive Officer, Igor Sechin, said in the statement.
“Thus, in January–April 2024, the amount of oil revenues doubled year-on-year, reaching 3.3 trillion rubles,” Sechin added.
The company's net income attributable to Rosneft shareholders in the first quarter of this year amounted to $4.4 billion, relative to $2.1 billion during the previous quarter.
Rosneft’s total earnings before interest, taxes, depreciation and amortization (EBITDA) for the January–April period of 2024 totaled $9.4 billion.
1 Russian ruble equals US$0.011 at 12.29 p.m. local time (0929 GMT) as of May 31.
By Duygu Alhan
Anadolu Agency
energy@aa.com.tr