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Novatek’s Net Profit Falls by 34 Times

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Net profit of Novatek according to international financial reporting standards (IFRS), attributable to shareholders, in January-September 2020 decreased 34 times compared to the same period last year

As follows from the company’s message, it amounted to 24.056 billion rubles.

Revenues from oil and gas sales amounted to 484.447 billion rubles, down 24%. And the total revenue was 492.272 billion, having decreased by 23.3%.

“The decline in revenues and normalized EBITDA is mainly due to the fall in global prices for hydrocarbons. 

Our revenues also decreased due to a decrease in LNG sales volumes on international markets as a result of an increase in the share of direct sales of our joint venture Yamal LNG under long-term contracts and a corresponding decrease in the volume of our purchases from Yamal LNG on a spot basis,” explains Novatek. 

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