Gazprom’s net profit collapsed in 2022 Russian News EN

Gazprom announced a drop in net profit in 2022 by 72.2%, to 747.25 billion rubles

Last year, the main oil and gas company Russia Gazprom received 747.246 billion rubles of net profit according to RAS (Russian accounting standards) – the figure fell by 72.2% compared to 2021. It is reported with reference to the holding report CASS.

Before tax, profit amounted to 1.020 billion rubles compared to 3.2 trillion rubles in 2021. During the same period, the company’s turnover increased by almost 25% year-on-year, for reach 7,979 billion rubles, while the cost of sales increased by 73.5%, reaching 4,769 billion rubles. Thus, gross profit decreased by 12% to 3.21 trillion rubles.

In 2021, Gazprom called most profitable company in the country. In the context of good results, the company approved in September 2022, the payment of interim dividends for the first half at the rate of 51.03 rubles per share. In total, half of the net profit in the amount of 1,208 billion rubles was sent for payment, which was a record for the Russian market.

Associated materials:

In mid-July 2022, the President of Russia Vladimir Poutine tax increase for Gazprom by 1,248 billion rubles. Consequently, at the end of the year, the company became the largest taxpayer in the country with a result of about five trillion rubles. In addition, from January 1, 2023 to December 31, 2025, the company will have to pay an additional 50 billion rubles in the form of mining tax (MET).

However, at the beginning of February 2023, the measures against the company were slightly relaxed. State Duma accepted law, according to which Gazprom and its subsidiaries are exempt from the increased income tax for exporters of liquefied natural gas (LNG). In the fall, the income tax rate for LNG exporters was raised from 20% to 34% for 2023-2025. Fees have increased for companies that have exported at least one batch of this gas by the end of 2022.

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