The company increases profits and reserves

Surgutneftegaz, despite falling oil prices, continues to increase both net profit and reserves. The company's liquid assets by the end of September increased by 15% over the year, amounting to 2.3 trillion rubles. This is equivalent to 3.1% of Russian GDP.

Photo: Alexander Onopa, Kommersant / buy photo

Surgutneftegaz published IFRS financial statements for the nine months of 2015. The company's revenue during this period increased by 11%, to 754.2 billion rubles, net profit - by 1.4 times, to 498.4 billion rubles. Surgutneftegaz's performance is supported by the devaluation of the ruble, which compensates for the impact of lower oil prices.

At the same time, the company continues to increase its cash reserves: the value of financial investments and funds of Surgutneftegaz increased by 15% by the end of September compared to the same period last year, to 2.28 trillion rubles. Thus, the fourth largest Russian oil company has cash reserves equivalent to 3.1% of GDP. During the reporting period, the company did not attract loans, and its debt to creditors decreased by 32%, to 75.78 billion rubles.

The production indicators of Surgutneftegaz remained virtually unchanged: the company increased production within 1%, to 46 million tons of oil and 7 billion cubic meters of gas, respectively. By the end of the day, quotes for ordinary shares of Surgutneftegaz on the Moscow Exchange rose by 0.27%, preferred shares by 0.37% (with a symbolic increase in the MICEX index by 0.09%).

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