Russian Energy Firm Reports Modest Profit Growth

(MENAFN) Russian energy firm Gazprom observed a modest increase of 1 percent in quarterly earnings during the initial months of the year, totaling 660.4 billion rubles (approximately USD8.4 billion), compared to the same timeframe the previous year.

According to the company’s announcement on Friday, the rise in net profit was partly due to the ruble gaining strength against other currencies, which allowed the firm to benefit from the reassessment of its foreign currency obligations.

Turnover also rose 1 percent year-on-year during the first quarter, climbing to 2.8 trillion rubles (around USD35.6 billion).

Previously recognized as Europe’s top natural gas provider before the onset of the Ukraine conflict, Gazprom had expanded its continental market dominance to 40 percent by 2022, backed by pipeline development over the course of nearly five decades.

However, following international sanctions, Gazprom lost clientele to liquefied natural gas (LNG) exporters including the United States, Qatar, and Norway.

In 2024, the firm transported roughly 15 billion cubic meters of gas to Europe, a significant drop from 201.7 billion cubic meters delivered in 2021.

Additionally, the company reported on Friday that the Power of Siberia Pipeline had delivered its first 100 billion cubic meters of gas to China.

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