Russian Gazprom suffers net loss of almost US$6.7 billion in 2023

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Russian Gazprom reported a financial loss of RUB 629 billion (almost US$6.7 billion) in 2023, compared to a net profit of RUB 1.226 trillion (US$13 billion) in 2022.

Source: Gazprom’s report on International Financial Reporting Standards (IFRS)

Details: It is expected that in the first quarter of 2024, Gazprom lost over RUB 47 billion (US$501 million) on sales, compared to a profit of RUB 125.4 billion (US$1.34 billion) the previous year.

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In addition, Gazprom’s revenue fell by 27% last year to RUB 8.54 trillion from RUB 11.7 trillion in 2022.

The energy company’s earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to RUB 618.369 billion, compared to RUB 2.798 trillion the previous year.

Background: 

• The net profit of Russian Gazprom in the first half of 2023 was RUB 296 billion, which is eight times smaller than the profit in the first half of 2022,  RUB 2.5 trillion.
• According to the results of the first half of 2023, Gazprom’s gas business turned unprofitable for the first time since the epidemic and the second time in the previous 25 years.

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