Russian integrated energy company Rosneft saw a significant increase in profit for the nine months of 2018 (9M 2018).
It posted net profit of USD $7.4 billion in 9M 2018, 236% up compared to net profit of USD $2.2 billion during the similar period last year, according to the latest financial report.
Revenue in 9M 2018 was USD $100.6 billion, an increase from revenue of USD $76.3 billion in 9M 2017.
“Currently the company faces serious market challenges including extremely volatile crude price environment, uncertain outlook for the world economic growth in 2019, rising interest rates on the global capital markets (incl. Russia) as well as new regulatory approaches for petroleum products pricing on the domestic market,” said Rosneft Chairman of the Management Board and Chief Executive Officer Igor Sechin.
“Increasing free cash flow generation and reducing the debt burden become our key strategic goals under these tough conditions.
“Successively moving towards their achievement the company executed its plans to reduce debt and working capital announced earlier in May well ahead of schedule. The total amount of trade prepayments outstanding and net financial debt was reduced by USD equivalent of ca. 12 bln year to date.
“Organic growth and monetization of synergies from integration of newly acquired assets remain our key near-term priorities. We will continue to focus on cost control, highly selective CAPEX program and free cash flow generation for further deleveraging.”
The company, meanwhile, recorded diesel fuel sales (including marine fuel) of 17.69 million metric tonnes (mmt) in 9M 2018, 2.0% more than sales of 17.28 mmt in 9M 2017.
It entered a long-term contract for the shipment of marine fuel with the Russian Fishery Company at the IV Eastern Economic Forum in September.
In the third quarter of 2018 (Q3 2018) Rosneft sold 8.81 mmt of diesel fuel (including marine fuel), a 7.57% increase from sales of 8.19 mmt in Q3 2017.
Photo credit: Rosneft
Published: 7 November, 2018
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