LUKOIL reports 2021 profit of RUB 773.4 billion
The company’s sales rose by 67.3% year-on-year
PJSC LUKOIL today released its audited consolidated financial statements for 2021 prepared in accordance with the International Financial Reporting Standards (IFRS).
In 2021, profit attributable to PJSC LUKOIL shareholders was up to RUB 773.4 bln as compared to profit of RUB 15.2 bln in 2020, LUKOIL says in its press release.
In 2021, the company’s sales amounted to RUB 9,435.1 bln, up 67.3% year-on-year mainly due to higher hydrocarbon prices, ruble devaluation, higher hydrocarbon production volumes, as well as higher refinery throughput and oil and refined products trading volumes.
EBITDA in 2021 more than doubled year-on-year mainly as a result of higher hydrocarbon prices, ruble devaluation, positive inventory effect at the refineries, higher throughput volumes and refining margins, positive time lag effect of export duty and MET, as well as higher oil production volumes in Russia and gas production volumes outside Russia. EBITDA growth was constrained by elimination of tax incentives for high-viscous crude oil and weaker results of retail business in Russia.
PJSC “LUKOIL” is one of the largest publicly traded, vertically integrated oil and gas companies in the world in terms of proved hydrocarbon reserves and production; and the second largest producer of crude oil in Russia. Established in 1991, the Company currently operates in more than 30 countries with core upstream assets located in Russia. The full production cycle includes oil and gas exploration, production and refining; production of petrochemicals and lubricants; power generation; marketing and distribution. The Company’s shares are listed in Russia on Moscow Exchange under the ticker “LKOH” and depositary receipts are listed on the London Stock Exchange under the ticker “LKOD”.
