Novatek’s net profit more than doubles in H1 2024 to $4 billion amid revenue and output growth

Novatek announced today that net profit attributable to shareholders for the first half of 2024 reached 341.7 billion roubles ($3.95 billion), a 120% jump, as revenue and output rose.

In the six months ended 30 June 2024, total revenues reached RR 752.4 billion, a 17% increase from the same period last year.

Meanwhile EBITDA increased by 15.6% from Q2 2023 to RR 480.7 billion, representing increases of 17.0% and 15.6% as compared to the corresponding period in 2023.

Net cash provided by the operating activities of the Group almost did not change and amounted to RR 182.4 billion in the six months 2024. Our cash used for capital expenditures amounted to RR 122.0 billion in the six months 2024, representing an increase of 15.7% as compared to the first half 2023.

Production of hydrocarbons for the January-June period rose to 1.82 million barrels of oil equivalent per day from 1.78 million a year earlier, the company said.

Novatek is one of the largest independent natural gas producers 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.

Upstream activities of Novatek’s subsidiaries and joint ventures are concentrated mainly in the prolific Yamal-Nenets Autonomous Area, 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.