Russia’s largest oil company, Rosneft, saw its net profit fall by 14.4% in 2024, according to its financial results released Thursday.
The company’s net profit fell to 1.08 trillion rubles ($12.71 billion) from approximately $14.7 billion the previous year.
Rosneft’s revenues from sales and equity share in profits of associates and joint ventures rose 10.7% in the same period, reaching $119.3 billion.
The company produced 184 million tons of oil and 87.5 billion cubic meters of natural gas last year.
“In the reporting year, the company operated against the backdrop of an oil production cap under the OPEC+ agreement, increased taxation, natural monopolies tariff rises outstripping inflation, incremental anti-terrorist security costs, growing sanctions pressure and unprecedented interest rates increases,” said Rosneft’s CEO Igor Sechin.
“The net income attributable to the company’s shareholders is lower as compared to the previous year due to the impact of non-cash factors, the main one being the revaluation of tax liabilities due to the income tax rate increase to 25% from 2025,” he added.