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Novatek reported a profit attributable to shareholders of 493.5 billion roubles in 2024, a rise of 6.6 percent compared to 463 billion rubles in 2023.
The company logged a net profit of about 463 billion roubles in 2023, while it did not publish its financial results in 2022.
Novatek reported a profit attributable to shareholders of 341.7 billion roubles in the six-month period of 2024, a rise of 119.5 percent compared to 155.6 billion rubles in the first half of 2023.
In 2024, Novatek’s total revenues and normalized Ebodta, including its share in the Ebitda of joint ventures, reached 1,546 billion roubles and 1,008 billion roubles, respectively, representing increases of 12.7 percent and 13.2 percent as compared to 2023.
Novatek said normalized profit attributable to its shareholders, excluding the effect of foreign exchange gains (losses), reached 553.4 billion roubles in 2024, which is 4.6 percent higher as compared to 2023.
According to the LNG producer, net cash provided by operating activities of the group amounted to 357.1 billion roubles in 2024, representing a decrease of 17.6 percent compared to 2023.
Novatek’s cash used for capital expenditures amounted to 193 billion roubles in 2024, which is 13.8 percent lower than in 2023.
Last month, Novatek reported a 1.1 percent decrease in its natural gas sales, including LNG, in 2024.
Novatek’s natural gas sales reached 77.76 bcm in 2024. This compares to 78.63 bcm in 2023, which marked a rise of 2.7 percent year-on-year.
Novatek did not break down the 2024 gas sales just to LNG, as it had done in the previous five quarterly reports.
On the other hand, Novatek’s gas production rose 2.1 percent to 84.08 bcm in 2024.
In 2024, hydrocarbon production totaled 667 million barrels of oil equivalent (mmboe), including 13.8 million tons of liquid hydrocarbons (gas condensate and crude oil), resulting in an increase in total hydrocarbons produced by 21.6 mmboe, or by 3.3 percent as compared with the twelve months 2023.
LNG projects
Novatek currently exports LNG via its 17.4 mtpa Yamal LNG plant and the mid-scale facility in Vysotsk with a nameplate capacity of 660,000 tons.
In addition, Novatek is working on the sanctioned Arctic LNG-2 export plant.
In August 2024, Novatek delivered the second gravity-based structure platform from its yard near Murmansk to the site of the Arctic LNG 2 project located on the Gydan peninsula.
The company completed the second GBS despite US and EU sanctions.
The first GBS left the Belokamenka yard in July 2023 and Novatek completed the installation on the underbase foundation on the seabed at the Utrenniy terminal in August.
The first and second GBS each have a capacity of about 6.6 mtpa.