The impoverishment of the giver: the profit of Gazprom for six months reduced by 20 times
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The impoverishment of the giver: the profit of Gazprom for six months reduced by 20 times

31 August , 15:36EconomyPhoto: novorossia.su
The profit of the Russian Gazprom in the first half of 2020 fell from 878.6 million rubles in 2019 to 45.4 million rubles, follows from the company's reporting. At the same time, Gazprom's net debt increased by 16% (516.3 billion rubles) over six months and reached 3.68 trillion.

Gazprom's revenue from gas sales for six months fell by a third - by 753 billion rubles and reached 1.38 trillion. “The reduction in revenue was primarily due to a decrease in gas consumption in Europe and in other countries, as well as in the prices of raw materials in these countries”, - is stated in the report compiled in accordance with international financial reporting standards and published on the company's website. In the first half of the year, the volume of Russian gas supplies to Europe decreased by 17%, while its prices - by 38%. As a result, revenue from gas sales to Europe decreased by almost 50% (by 677.3 billion rubles), reaching 756.2 billion.

Revenues from gas sales to the countries of the former Soviet Union in the first half of the year decreased by 23%, reaching 139.2 billion rubles. As explained in the company, these changes are associated with a decrease in consumption by 22%. Least of all the revenue from gas sales fell in Russia. This figure for six months has decreased by only 6%, or 29.5 billion rubles. Earlier it was noted that after a record drop in gas prices in Europe, it was not profitable for Russian "Gazprom" to supply Russian gas for export to these countries: the production cost was higher, and the purchase price, taking into account customs duties and logistics, was even higher than that at which the company supplies gas to the Russians.

Net proceeds from the sale of oil and gas processing products decreased by 21% or 222.5 billion rubles, reaching 820.8 billion. Net proceeds from the sale of crude oil and gas condensate fell by almost half (by 45% or 170.8 billion rubles), amounting to 212 billion by the end of the first half of the year.

The company's expenses for six months decreased by half a trillion rubles and amounted to almost 2.7 trillion rubles.

Despite the colossal drop in profits in the Russian company, as noted earlier, it was decided to double the bonuses for top managers based on the results of work in the first half of the year. Over the six months of this year, the top management of the company earned over a billion rubles. At the same time, Gazprom continues to suffer losses from the record fall in resource prices due to the economic crisis this year, as well as the decline in demand for Russian gas from the Asian markets.

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