Novatek Sees Net Profit Dip Amid Revenue Growth

Russia's largest liquefied natural gas producer Novatek reported a decline in its first-half net income, despite increased revenue. According to the company's financial statements, Novatek's H1 2023 net profit decreased by around 3% year-on-year to $2.8 billion, totaling 218.7 billion roubles.

This decrease was attributed to rising expenses, which offset the growth in revenue. Novatek's January-to-June revenue increased by 4% to 836.3 billion roubles compared to the same period last year.

The company's total hydrocarbon production rose by around 2.8% to 346.2 million barrels of oil equivalent (mmboe) in H1, with natural gas up 2.7% to 43.68 billion cubic meters (bcm), reflecting operational growth.