Public Joint Stock Company Gazprom (GAZP) Q4 2024 earnings summary

Executive summary

• Consolidated financial statements for PJSC Gazprom for the year ended 31 December 2024 were audited and present fairly, in all material respects, the Group's financial position and performance in accordance with IFRS.

• The Group operates in gas, oil, electric power, and media segments, with the Russian Federation as the ultimate controlling party holding over 50% ownership.

• The audit highlighted key areas: revenue recognition (especially export revenue under sanctions), impairment of property, plant and equipment, and measurement of expected credit losses on trade receivables.

Financial highlights

• Revenue from sales increased to RUB 10,714,686 million for 2024, up from RUB 8,541,818 million in 2023.

• Operating profit was RUB 1,456,390 million, compared to an operating loss of RUB 363,689 million in 2023.

• Net profit for the year was RUB 1,318,710 million, reversing a net loss of RUB 583,076 million in 2023.

• Basic and diluted earnings per share were RUB 49.15, compared to a loss per share of RUB 27.58 in 2023.

• Net cash from operating activities was RUB 2,495,688 million, up from RUB 2,296,223 million in 2023.

Outlook and guidance

• The Group is monitoring the impact of ongoing sanctions and economic conditions but management believes business continuity is not in question.

• The investment programme for 2025 is set at RUB 2,833,426 million.

• Amendments to the Russian Tax Code will increase the profit tax rate from 20% to 25% effective 1 January 2025.