Soaring sales boost Gazprom Neft profit by 64%

Russian oil producer Gazprom Neft has posted a 9M 2011 net income of $3.875 billion under US GAAP.

The bottom line is up 64% on year from the 9M 2010, with a $2.366 billion profit to $3.875. 9M EBITDA rose 50% year on year to $7.704billion due to an increase in refining throughput (+10.8%), growth in premium channel sales and improved market conditions. The 9M revenues increased by 39% year on year to $32.908, compared to $23.709 billion posted for 9M 2010.The company attributed the results to increased sales volumes and higher crude and petroleum prices.According to the statistics of London Inter Continental Futures Exchange the Brent crude rose to $115.07 per barrel over the 9 months compare to $97.68 per barrel in January. The company statement says “The increase in net income resulted in a 14% growth in net cash provided by operating activities 9M 2011, compared to the same period of 2010, or $4.942 billion. Above all, the 7.1% year-on-year increase of output in January-September to 308.94 million barrels of oil equivalent, helped the company to satisfy demand.”