Rosneft’s IFRS net profit attributable to shareholders amounted to 591 billion rubles in January-September 2022, the negative impact on the figure, particularly in the third quarter, was caused by the transfer of the company’s German assets into external administration of Germany, Rosneft reported.

A year earlier, the net profit figure amounted to 696 billion rubles, so the decrease in profit amounted to 15%.

Rosneft’s IFRS EBITDA in January-September 2022 rose 21.8% year-on-year to a nine-month high of 2.014 trillion rubles. EBITDA margin also increased to a record level of 28.0%. Rosneft’s net debt/EBITDA at the end of the third quarter of 2022 decreased to 1.1x vs. 1.3x at the beginning of the year.

“Rosneft has optimized its sales channels, increasing oil supplies to Asia by about a third and fully offsetting the decrease to Europe, said Igor Sechin, the company’s head, commenting on the results for the first nine months of 2022.

“In the first nine months of 2022, the company increased hydrocarbon production and successfully optimized its sales channels: oil supplies to Asia increased by about a third and fully compensated for the decrease in supplies to European buyers,” Sechin said, as quoted in Rosneft’s release.