NOVATEK's IFRS net profit for 2021 surged 6.4 times
PAO NOVATEK today released its audited consolidated financial statements for the year ended 31 December 2021 prepared in accordance with International Financial Reporting Standards.
In 2021, our profit attributable to shareholders of PAO NOVATEK increased to RR 432.9 billion (RR 144.23 per share) as compared to RR 67.8 billion in 2020.
Normalized profit attributable to shareholders of PAO NOVATEK (excluding the effects from foreign exchange differences and the disposal of interests in subsidiaries and joint ventures) amounted to RR 421.3 billion (RR 140.36 per share), representing an increase of 149.3% as compared to 2020.
The company’s total revenues and Normalized EBITDA, including its share in the EBITDA of joint ventures, amounted to RR 1,156.7 billion and RR 748.3 billion, representing increases of 62.5% and 90.9%, respectively, as compared to 2020.
The increases in total revenues and Normalized EBITDA were largely due to an increase in global commodity prices for hydrocarbons, as well as the launch of gas condensate deposits within the fields of the North-Russkiy cluster (the North-Russkoye and East-Tazovskoye fields in the third quarter 2020, as well as the Kharbeyskoye field in the fourth quarter 2021).
PAO NOVATEK is the largest independent natural gas producer in Russia, and in 2017, entered the global LNG market by successfully launching the Yamal LNG project. Founded in 1994, the Company is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons. The Company’s upstream activities are concentrated mainly in the prolific Yamal-Nenets Autonomous Region, which is the world’s largest natural gas producing area and accounts for approximately 80% of Russia’s natural gas production and approximately 15% of the world’s gas production. NOVATEK is a public joint stock company established under the laws of the Russian Federation. The Company’s shares are listed in Russia on Moscow Exchange (MOEX) and the London Stock Exchange (LSE) under the ticker symbol “NVTK”.
