Lukoil 2021 Net Profit, Revenue Jump After Impairment, Foreign Exchange Loss in 2020

By Kyle Morris

Lukoil PJSC said Wednesday that net profit and sales jumped on year in 2021 after it booked a noncash asset impairment loss and foreign exchange loss in 2020.

The Russian oil-and-gas company said net profit for last year was 773.4 billion Russian rubles ($7.06 billion) compared with RUB15.2 billion a year earlier after it booked a non-cash asset impairment loss and foreign exchange loss in 2020.

Sales for 2021 were RUB9.435 trillion compared with RUB5.639 trillion a year earlier amid higher hydrocarbon prices, ruble devaluation, higher hydrocarbon production volumes, as well as higher refinery throughput and oil and refined products trading volumes, it said.

For the fourth quarter, net profit rose on quarter to RUB233.8 billion from RUB192.5 billion, while sales rose to RUB2.768 trillion from RUB2.588 trillion.

Average hydrocarbon production excluding the West Qurna-2 project was 4.8% higher year-on-year, while in the fourth quarter hydrocarbon production increased by 7.8% quarter-on-quarter.

Write to Kyle Morris at kyle.morris@dowjones.com

(END) Dow Jones Newswires

March 02, 2022 08:47 ET (13:47 GMT)

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