Public Joint Stock Company Gazprom (GAZP) Q3 2024 earnings summary

Executive summary

• Revenue for the nine months ended 30 September 2024 increased to RUB 7,499,593 million, up 20% year-over-year; net profit attributable to owners reached RUB 989,896 million, nearly triple the prior year period.

• Operating profit for the nine months rose to RUB 1,420,359 million from RUB 1,001,608 million year-over-year, driven by higher sales and a gain from a bargain purchase.

• A gain of RUB 167,386 million was recognized from the acquisition of a controlling stake in LLC Sakhalin Energy.

• The Group's financial position remains robust, with total assets at RUB 30,118,258 million and equity at RUB 17,500,829 million as of 30 September 2024.

Financial highlights

• Revenue for Q3 2024 was RUB 2,411,538 million, up 14% compared to Q3 2023; operating profit for Q3 was RUB 400,205 million, up 56% year-over-year.

• Net loss for Q3 2024 was RUB 52,944 million attributable to owners, compared to a profit of RUB 56,419 million in Q3 2023, mainly due to higher deferred tax expenses.

• EBITDA for the nine months ended 30 September 2024 was supported by strong segment performance and a one-time gain from the Sakhalin Energy acquisition.

• Cash and cash equivalents decreased to RUB 933,331 million from RUB 1,426,780 million at year-end 2023.

• Capital expenditures for the nine months totaled RUB 2,071,251 million.

Outlook and guidance

• Management is monitoring the impact of ongoing sanctions and economic volatility but does not see a threat to business continuity.

• The Group continues to invest in core segments and expects to maintain financial stability despite external pressures.