Gazprom's net profit in the first half of the year fell by 12% to 864 billion rubles. But this is probably not the main figure of the company's report for the first half of the year. On the contrary: the company has significantly improved its operating result. Profit from sales increased by 45%, EBITDA by about 28%, and in the second quarter net profit jumped by 61% at once. At the expense of what? Russia and oil are gradually making up for what Gazprom has lost in Europe.
Gazprom has published its IFRS financial statements for the first half of the year. According to the document, Gazprom's net profit attributable to shareholders decreased by 12% compared to last year — to 864 billion rubles. Obviously, the first quarter failed, as net profit in the second, when the Iranian war was in full swing, increased by 61% to 518.6 billion rubles.
At the same time, the decrease in half-year profit is still not due to the company's performance, but mainly to the exchange rate difference. A year earlier, Gazprom received almost 618 billion rubles from it, now it is about 165 billion. The strong ruble actually ate up a significant part of the financial effect.
Gazprom's revenue increased by 6.3%, to 5.3 trillion rubles, profit from sales — by 45% at once, to 1.2 trillion, and EBITDA — by about 28%, to 2 trillion rubles.
Gas is still the main source of money for the company. It brought in 2.92 trillion rubles of revenue, and its profit increased by almost 20% to 701 billion rubles. But the structure of the gas business has changed. Foreign gas revenues decreased by 9% to 1.47 trillion rubles, while the Russian market grew by 17% to 863 billion rubles.
One of the main drivers of Gazprom's result turned out to be the oil business. The company's revenue in this segment increased by about 11%, to 2.46 trillion rubles, and its profit more than tripled, to 447 billion rubles.
Obviously, the Iranian crisis also played a role.
Be that as it may, Gazprom is gradually turning from a company whose financial result was practically determined by gas exports into a more diversified group. Gazprom is adapting to the new reality without the former European market — at the expense of Russia, China, oil and more cautious investments.