Rosneft's net profit for 2021 reached a record level in the company's history of 883 billion rubles, EBITDA almost doubled in annual terms (to 2.330 trillion rubles), exceeding the historical maximum. This is evidenced by the financial statements of Rosneft for 2021, published by the Communist Party today.
EBITDA margin increased by 5.7 p.p. over the same period. and amounted to 26.1%. According to this indicator, Rosneft outperformed international competitors: Chevron - 24%, Shell - 20%, BP - 18%.
Rosneft's revenue in 2021 grew by more than 52% in rubles (up to 8.761 trillion rubles) and by 46% in dollars (up to $121.1 billion).
Rosneft also continues to generate positive free cash flow (FCF), which in 2021 amounted to 1.044 trillion rubles ($14.3 billion). This is 2.5 times higher than in 2020.
The company's capital expenditures for 2021 amounted to 1.049 trillion rubles ($14.2 billion), which is 33.6% higher than in the same period of 2020. Growth is mainly due to the implementation of a comprehensive program for the development of a new oil and gas province in the north of the Krasnoyarsk Territory as part of the flagship Vostok Oil project, as well as the increase in drilling by RN-Yuganskneftegaz.
The implementation of measures aimed at further improving financial stability allowed the company to reduce the amount of net financial debt and trading liabilities by $5.5 billion in 2021.
Analysts call the company's dividend policy an important factor in the investment attractiveness of Rosneft. An oil company's dividend payout ratio of at least 50% of IFRS net income is one of the highest in the industry.
Analysts at the Russian investment company BCS expect an even greater increase in dividend payments in 2022. According to BCS forecasts, the company's net profit next year may reach $21.5 billion, which will lead to an increase in dividends to 76 rubles per share.
bbabo.Net