Page 10 - FSUOGM Week 12 2023
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FSUOGM PERFORMANCE FSUOGM
Rosneft posts $11bn profit for 2022
as dividends pour into state
RUSSIA RUSSIA’S largest crude oil producer state-con- much as 400%, as the market had expected only
trolled Rosneft posted RUB813bn ($10.6bn) “close to zero” profit for the quarter, BCS GM
The results come amid net IFRS profit for 2022. For 4Q22 alone, the notes.
an unprecedented fiscal company posted RUB222bn profit ($3.5bn), up “Overall, the results were strong, especially at
squeeze. by 67% y/y, with RUB1.8 trillion revenues and the net income line, which directly affects div-
$8.5bn EBITDA. idends payouts (Rosneft pays 50% of IFRS net
The results of Rosneft and other large state- income without non-cash adjustments, so the
owned enterprises (SOEs) are being published read-across should be direct),” BCS GM analysts
amid unprecedented fiscal squeeze. This week commented.
Russia's largest lender Sber (Sberbank) rec- BCS GM believes that the 4Q22 quarter
ommended a record-breaking dividend of slide in revenues versus 3Q22 was mostly due
RUB565bn ($7.3bn), making more than dou- to a slide in world oil prices from $98/barrel
ble the RUB271bn net profit the bank earned in Brent oil price to $88/barrel. The revenues of
2022. Rosneft have also been hurt by the widened
BCS Global Markets estimated that on its Urals-Brent discount after the December 5
RUB813bn bottom line, Rosneft could pay a imposition of the EU embargo and price ceil-
full-year dividend of RUB38/share (10.5% total ing on Russian oil.
dividend yield) and a final dividend of RUB18/ The analysts at BCS GM also note that gas
share (4.9% DY) on top of the RUB20.39 already production for the full year for Rosneft hit a
paid in the form of an interim dividend. record 74.4bn cubic metres as two key projects
Notably, the net income of Rosneft for 4Q22 (Kharampur and Rospan) had been ramped
has beaten the consensus expectations by as up.
P10 www. NEWSBASE .com Week 12 21•March•2023
