In the first quarter, Gazprom's revenue and profit increased in rubles compared to last year, despite the strengthening of the national currency. The main income came from gas exports. The concerns of EU countries due to the shutdown of Ukrainian transit have significantly increased gas prices in the region.
"Gazprom Group's revenue for the first quarter of 2025 increased to 2,809 billion rubles. The gas business made a significant contribution to the final result — its share in the group's total revenue increased to 60% against 56% in the first quarter of 2024. The increase in export gas prices in the first quarter of this year contributed to reducing the adverse effect of the downward trend in oil prices," said Famil Sadigov, Deputy Chairman of the Gazprom Management Committee.
Kiev did not extend the transit agreement and on January 1 the supply of Russian gas through Ukraine. The day before and after that, the price of fuel in Europe increased and in February reached $ 660 per thousand cubic meters. Gazprom supplies gas to Europe under long-term contracts in which the price is linked to quotations on European stock exchanges.
He noted that Gazprom's net profit increased to 660 billion rubles. A year ago it was almost 7 billion rubles lower.
"The strengthening of the ruble had a significant impact on net profit, among other things — it generated a profit on exchange rate differences as a result of the revaluation of foreign currency liabilities," the Gazprom representative explained.
EBITDA (profit before taxes, depreciation...) for January — March 2025 amounted to 844 billion rubles for the company.
"The indicator was supported by a reduction in tax payments due to the cancellation of the additional MET for gas (50 billion rubles per month — editor's note). At the same time, the negative exchange rate differences on operating items became a deterrent," continued Famil Sadygov.
According to him, Gazprom's total debt decreased by 641 billion rubles, to 6.1 trillion rubles.
As EADaily reported, Gazprom's exports to Europe have decreased fivefold in recent years. At the same time, supplies to China are growing, but the countries The EU has always been a premium market for the company, which made it possible to compensate for low domestic tariffs.