Russian Rosneft’s net income, attributable to its shareholders, increased by around 150 percent mainly due to favorable global price dynamics, the company reported on Tuesday.
The company confirmed its net income increased to 549 billion Russian rubles ($8.4 billion) in 2018 from 222 billion rubles in 2017. Rosneft said its earnings before interest and taxes (EBITDA) grew 1.5 times year on year up to 2 trillion rubles with a margin improvement up to 25 percent.
“Growth was driven by improvement in the company’s efficiency, by a favorable external market environment and by easing of restrictions under the OPEC+ agreement,” the company explained. “In 2018 on the background of high volatility of oil prices, changes in tax legislation, regulation of prices for oil products in the domestic market and impact from restrictions under OPEC+ agreement, the company demonstrated successful production and financial results,” said Igor Sechin, Rosneft’s chairman and chief executive officer. (1 Russian ruble= $0.015)