Russia’s Gazprom today announced record quarterly net profit of 581.8 billion rubles ($ 7.8 billion) for the third quarter, reflecting high gas prices, and said it expects even higher profits in the last three months. year.
Gas prices have jumped due to limited supply amid broad economic recovery – to record levels in Europe, a key source of revenue for Gazprom.
Some politicians and experts have accused the Kremlin-controlled company of not providing enough gas to de-escalate the crisis, but it has said it is meeting all its contractual supply obligations.
Record profits were recorded after the company recorded a loss of 251 billion rubles in the third quarter of 2020. The previous highest quarterly profits, almost 536 billion rubles, were recorded in the first quarter of 2019.
“Obviously the price of our supplies to Europe will be significantly higher in the fourth quarter, which will have a positive impact on the annual results,” said in a statement Gazprom Deputy CEO Famil Sandigov.
Gazprom said its average gas price in Europe and elsewhere jumped to $ 313.40 per 1,000 cubic meters in the third quarter from $ 117.2 a year earlier. In addition, its revenues for the period July-September increased to 2.4 trillion. rubles, also a quarterly record level of 1.4 trillion. a year earlier.
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