Russian Gazprom suffered losses of nearly US$13 billion in 2024 – Reuters
Tuesday, 18 March 2025, 01:49
The Russian state-owned company Gazprom has reported a net loss of 1.076 trillion roubles (approx. US$12.89 billion) for 2024 under Russian Accounting Standards (RAS).
Source: Reuters
Details: Reuters noted that Gazprom had had a net profit of 695.6 billion roubles [US$8.34 billion] in 2023, but the company had experienced record losses in 2024. The main reason for the financial losses is attributed to the decline in the market value of the shares of its subsidiary Gazprom Neft.
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Gazprom is expected to publish its financial results for 2024 under International Financial Reporting Standards (IFRS) by the end of April.
Background:
- The collapse of Gazprom's exports to Europe by over 90% is forcing the gas monopoly to significantly reduce its workforce and sell off assets.
- Gazprom's CEO Alexei Miller has approved a plan to cut 1,500 jobs at the company's headquarters in Russia.
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