The main exporter of Russian LNG has more than doubled its profit in rubles

Novatek, an independent gas producer and the main shareholder of Yamal LNG and Arctic LNG — 2, doubled its profit in the first half of 2024.

"The profit attributable to the shareholders of PJSC NOVATEK amounted to 341.7 billion rubles. (114.34 rubles per share) for the first half of 2024, which is 2.2 times higher than in the first half of 2023," Novatek reports, publishing consolidated interim condensed financial statements according to international standards.

The company noted that revenue from sales and normalized EBITDA (earnings before taxes and depreciation), taking into account the share in EBITDA of joint ventures, amounted to 752.4 billion rubles and 480.7 billion rubles, respectively. The growth compared to last year's figures was 17.0% and 15.6%, respectively.

Novatek is an independent gas producer in Russia and the main shareholders of the Yamal LNG and Arctic LNG —2 projects.

"The released Novatek report for the first half of the year showed that the company's core business is in a strong state — all the main indicators showed growth in annual terms following the rise in the price of oil in rubles. At the same time, the key factor in Novatek's investment case remains the company's ability to launch LNG projects under sanctions," writes Sergey Kaufman, an analyst at Finam.