Gazprom records profit of $29 bln in 2021

Russia’s Gazprom said in a statement on Thursday that its net profit reached US 29 billion (2.09 trillion rubles) for the year 2021 compared with 135 billion rubles in 2020, due to the increase in oil and gas prices.

“The strongest contributor to our results is our core gas segment. However, other businesses within the Group also delivered a consistent and robust effort. As one example, Gazprom Neft's EBITDA totalled a sizeable RUB 892 billion,” said Gazprom in the statement. 

The company’s revenues rose by 62 percent to 10.2 trillion rubles as well.

“The net debt to EBITDA ratio, which was already at the lower end of a comfortable range in the previous quarter, dropped sharply to 0.7x as at the end of 2021. We expect that the Company's leverage will continue going down, as this is key to maintaining our financial stability amid high uncertainty,” added the company.

Earlier this week, the state controlled company halted deliveries to Poland and Bulgaria until the countries agree to a new demand from Moscow to pay for the fuel in rubles.

Russia has threatened to stop gas supplies to other buying countries who don’t pay in rubles. The European Union has been looking for a response.