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12 December, Thursday

Ufa   °

Bashneft's net profit for nine months amounted to 67.3 billion rubles

Economy/Business

UFA, 7 November 2019. /Bashinform News Agency/ translated by Tatiana Aksyutina/.

PJSOC Bashneft reported on the results of the nine months of 2019 under IFRS. The company's net profit for this period amounted to 67.3 billion rubles.

Bashneft, managed by PJSC Rosneft, has improved its financial results. In the 3rd quarter of 2019, the company's revenue grew by 6% compared to the previous quarter — this is 216 billion rubles and 640.7 billion rubles for nine months.

The financial efficiency indicator (EBITDA) in the 3rd quarter increased by 1% to the 2nd quarter, amounting to 43.5 billion rubles and 133.3 billion rubles for the nine months of 2019.

Bashneft showed an increase in operating profit for nine months to 96.4 billion rubles, or 3.2% compared to the same period in 2018. The key driver of the growth remains the synergistic effect of the company’s operation as a part of Rosneft, including the increased efficiency of refining and commercial activities, intra-group cooperation, and the use of modern technologies.

Continuing the positive trend of reducing administrative costs, for nine months of 2019, Bashneft cut them by 17.4% compared to the same period in 2018. An increase in capital expenditures up to 43.5 billion rubles was provided for nine months of 2019 (a rise of 21.2% compared to the level of 9 months of 2018).

Preserving the financial and economic sustainability of the development allows the company to fulfill its obligations to the republic. At the end of 2018, the company transferred more than 42 billion rubles to the budget of Bashkiria in the form of tax payments. The volume of dividends received by the republic this year amounted to over 7 billion rubles. Bashneft is also implementing a large-scale charity program in Bashkiria, within the framework of which dozens of social infrastructure facilities are being restored and built.

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