By Anthony O. Goriainoff


Novatek said Wednesday that net profit for the third-quarter rose significantly and that its operating results remain strong as it implements investment projects despite the uncertainty stemming from the pandemic.

The London and Moscow-listed Russian energy company said that net profit was 112.91 billion Russian rubles ($1.62 billion) compared with RUB13.17 billion for the third quarter of 2020. The company said this was mostly due to improved macroeconomic conditions resulting in an increase in the sale price of its hydrocarbons, as well as the launch of new production facilities in 2020.

Pretax profit for the period was RUB130.53 billion compared with RUB40.24 billion in the year-prior period.

Revenue rose to RUB276.71 billion from RUB163.77 billion the year before. The company said this was mostly due to the rise in global commodity prices for hydrocarbons.

"The group's management continues to assess the current situation and present macroeconomic environment and takes appropriate actions if deemed necessary," the company said.


Write to Anthony O. Goriainoff at


(END) Dow Jones Newswires

October 27, 2021 07:40 ET (11:40 GMT)

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