Exports to the EU and a cheap ruble brought Gazprom almost record revenue

In 2024, Gazprom received the second largest revenue in its entire history, and the company's net profit amounted to 1.2 trillion rubles. The main reasons were the growth of gas exports to Europe at higher prices and the depreciation of the ruble.

Gazprom has published its financial statements for 2024 under the International Financial Reporting System (IFRS).

"In 2024, Gazprom Group's revenue increased by 25% compared to 2023 and amounted to 10.7 trillion rubles. This is the second highest result in the history of Gazprom. Revenue growth was provided by each segment of the group's business," said Famil Sadygov, Deputy Chairman of the Gazprom Management Committee.

Judging by the reporting data, the main role was played by gas exports. Its revenue increased by more than 1 trillion rubles — up to 4.1 trillion rubles. At the same time, the company's oil business showed an increase of 500 billion rubles.

Gas revenues were affected by the growth of gas exports to Europe, where there were higher fuel prices in 2024. Deliveries increased by about 10% to 33 billion cubic meters. Exports to China also increased. The increase amounted to more than 8 billion cubic meters, up to 31 billion cubic meters.

Another factor is the depreciation of the ruble. Gazprom cites data that as of December 31, 2023, the exchange rate of the national currency was 89.6 rubles to the US dollar, and on December 31, 2024 — 101.7 rubles.

"Gazprom Group's net profit amounted to 1.219 trillion rubles against a loss in 2023 (largely related to non-monetary items of expenditure). Net profit was significantly supported by a decrease in negative exchange differences on foreign currency liabilities, as well as an increase in interest income from the placement of funds, which offset the increase in interest expenses. Net profit, adjusted for non—monetary items, amounted to 1.433 trillion rubles, which is twice as high as in 2023," said Famil Sadigov.

According to him, a significant contribution was made by the fourth quarter — traditionally strong for Gazprom due to seasonality.

"In particular, the group's EBITDA (profit before taxes) for October —December 2024 amounted to 966 billion rubles, which was one of the highest quarterly values in Gazprom's history. In particular, the growth of gas supplies to foreign markets had a positive impact on the results of the fourth quarter, including an increase in exports to China with reaching the maximum contractual level from December 1. Favorable price dynamics also contributed to the improvement of financial results," said one of the company's executives.

The deputy chairman of Gazprom noted that Gazprom maintains a significant liquidity cushion — in 2024 it amounted to 1.034 trillion rubles: "Such a reserve of funds on the balance sheet ensures high financial stability of the group even under sanctions pressure."