Page 174 - RusRPTJun24

● Lukoil
● Other
Tatneft disclosed financial results under RAS for 1Q24. Revenue increased by 57% y/y to RUB 382bn. Sales profit was higher by 37% y/y and amounted to 94bn rubles. Net profit increased by 37% y/y to 68.4bn rubles. The company earned net profit per share of 29.4 rubles. Also, we note that in 2028 Tatneft may begin oil production at the Karaton Podsolevoy site in Kazakhstan in a joint project with Kazmunaigas. According to Kazmunaigas, production volumes could be about 4.5mn tonnes per year. Tatneft owns a 50% stake in the project.
Russian oil major Surgutneftegaz (SurgutNG or Surgut) posted 1Q24 RAS (Russian Accounting Standards) revenue increase of 57% year on year to RUB650bn, while net profit declined by 30% y/y to RUB269bn ($2.9bn). Surgut also disclosed its IFRS results for 2023, with net income jumping 4-fold y/y to RUB1.32 trillion, which is comparable to RAS results for 2023. SurgutNG is the Russian oil sector's "dinosaur" known for its ultra-conservative financial policies, basing operations only in rubles, and its $50bn-odd cash pile, which is almost as much as Russia’s sovereign reserves. The company is moving in and out of Russia's top dividend payers ranks, depending on currency fluctuations. The weaker net profit y/y in 1Q24 was due to a less significant positive currency revaluation, Renaissance Capital commented, while noting that the profit was in line with expectations. Since the consolidation and privatisation of state oil assets in western Siberia in the early 1990s, Surgut has been headed by Vladimir Bogdanov, known for his shunning of western debt, technology, accounting standards, foreign partnerships and Moscow as he largely lives on the site of the oilfields.
Ukrainian drones attack oil refineries in Russia's Ryazan, Voronezh oblasts. Drones operated by Ukraine's military intelligence agency (HUR) attacked the Ryazan oil refinery overnight on May 1, Suspilne and Ukrainska Pravda reported, citing their military intelligence sources.
9.2.2 Automotive corporate news 9.2.3 Aviation corporate news
Russian national air carrier Aeroflot posted a Russian Accounting Standard (RAS) revenue increase of 58% year on year to RUB145bn in 1Q24, with net loss down 5-fold y/y to RUB6.9bn ($74mn). “Excluding the effect of exchange rate revaluations and the effect of insurance settlement, net profit for the period totalled RUB1.6bn, compared to a net loss of RUB3.5bn a
174 RUSSIA Country Report June 2024 www.intellinews.com