Gazprom's Q3 losses are due to a one-time tax, but the company's 9-month earnings have risen.

Gazprom, Russia’s largest gas producer reported a loss in the third quarter 2024 of 53 billion Russian roubles (US$492,5 million), due to a 20% increase in profit tax rates expected in 2025.

In the same period in 2023, the company earned a profit worth 529 million dollars.

Gazprom reported that its net income for the nine months of 2023 was 990 billion Russian roubles, up from 353 billion in 2023. This is due to an increase in oil prices and supply as well as "successful", Sakhalin Energy businesses.

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In March, Shell sold a 27.5% share in the Russian LNG producer Sakhalin Energy.

The company reported that its nine-month profit before interest, tax, depreciation, and amortization grew by 23% on an annual basis to 2,14 trillion roubles. This is one of the company's highest earnings in history.

The basis for dividends was 842 billion rubles at the end of September. Gazprom has not paid dividends for 2023 after its first loss since 1999.

Gazprom, the state-owned company, has seen its sales of gas to Europe, which were once the primary source of income, plummet due to a political split with the West resulting from the conflict in Ukraine that began in February 2022.

As a result of a 5-year agreement with Ukraine, its sales will continue to fall.

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On December 31. Kyiv said that it would not engage in talks with Moscow regarding the extension of the accord. ($1 = 106.4955 Russian Roubles) (Reporting and editing by Andrew Osborn).

(source: Reuters)