Gazprom Reports $15 Billion in Profits
A rise in gas exports along with favorable price dynamics were major drivers of financial growth, the company has said. Russian energy giant Gazprom reported a profit in 2024 after incurring its first loss in over two decades the previous year....
TroibNews 
A rise in gas exports along with favorable price dynamics were major drivers of financial growth, the company has said.
Russian energy giant Gazprom reported a profit in 2024 after incurring its first loss in over two decades the previous year. The increase is attributed to improved gas exports to countries such as China, according to the company.
Once the primary gas supplier to the EU, Gazprom significantly curtailed its exports to the region three years ago due to sanctions related to Ukraine and the disruption of the Nord Stream pipelines. Russia’s share of EU pipeline gas imports plummeted from over 40% in 2021 to around 11% in 2024.
For the full year of 2024, Gazprom announced a net profit of 1.2 trillion rubles, driven by growth in its gas business and rising interest income from financial investments. This information was conveyed in a statement released by the company on Wednesday.
“Gazprom has strengthened its position across a number of key financial indicators in 2024, confirming the effectiveness and resilience of its business model,” said the company’s deputy CEO, Famil Sadygov, while commenting on the results.
Sadygov attributed the enhanced performance to increasing gas exports to countries like China, as well as higher interest income.
Once regarded as Russia’s most valuable company, Gazprom faced unprecedented losses last year due to a significant drop in sales to the EU, which had been its key market. The company reported a net loss of $6.8 billion for 2023, marking its first loss since 1999. This starkly contrasted with the net profit of $13.2 billion achieved in 2022.
In 2024, the revenues for Gazprom Group—which encompasses gas, oil, and electric power businesses—rose by 25% to 10.7 trillion rubles, marking the company’s second-highest revenue on record. The peak revenue of 11.7 trillion rubles was reached in 2022, during a period when European gas prices surged following the EU's decision to reduce imports from Russia amid the escalation of the Ukraine conflict.
Gazprom's expenditures decreased by 3% to 2.4 trillion rubles. The company indicated that its debt remained stable at 6.7 trillion rubles and that it maintained over 1 trillion rubles in cash reserves.
“This reserve of funds on the balance sheet ensures the Group’s high financial stability even under sanctions pressure,” Sadygov stated.
Sanya Singh for TROIB News
Russian energy giant Gazprom reported a profit in 2024 after incurring its first loss in over two decades the previous year. The increase is attributed to improved gas exports to countries such as China, according to the company.
Once the primary gas supplier to the EU, Gazprom significantly curtailed its exports to the region three years ago due to sanctions related to Ukraine and the disruption of the Nord Stream pipelines. Russia’s share of EU pipeline gas imports plummeted from over 40% in 2021 to around 11% in 2024.
For the full year of 2024, Gazprom announced a net profit of 1.2 trillion rubles, driven by growth in its gas business and rising interest income from financial investments. This information was conveyed in a statement released by the company on Wednesday.
“Gazprom has strengthened its position across a number of key financial indicators in 2024, confirming the effectiveness and resilience of its business model,” said the company’s deputy CEO, Famil Sadygov, while commenting on the results.
Sadygov attributed the enhanced performance to increasing gas exports to countries like China, as well as higher interest income.
Once regarded as Russia’s most valuable company, Gazprom faced unprecedented losses last year due to a significant drop in sales to the EU, which had been its key market. The company reported a net loss of $6.8 billion for 2023, marking its first loss since 1999. This starkly contrasted with the net profit of $13.2 billion achieved in 2022.
In 2024, the revenues for Gazprom Group—which encompasses gas, oil, and electric power businesses—rose by 25% to 10.7 trillion rubles, marking the company’s second-highest revenue on record. The peak revenue of 11.7 trillion rubles was reached in 2022, during a period when European gas prices surged following the EU's decision to reduce imports from Russia amid the escalation of the Ukraine conflict.
Gazprom's expenditures decreased by 3% to 2.4 trillion rubles. The company indicated that its debt remained stable at 6.7 trillion rubles and that it maintained over 1 trillion rubles in cash reserves.
“This reserve of funds on the balance sheet ensures the Group’s high financial stability even under sanctions pressure,” Sadygov stated.
Sanya Singh for TROIB News
Find more stories on Business, Economy and Finance in TROIB business
