The state-owned company posted a net income of RUB81bn for the three-month period, up from RUB11bn in the same period last year. Revenue growth was reported at 22% to RUB1.72tr, while EBITDA was up 16% at RUB385bn.
Commenting the results, Rosneft Chairman of the Management Board and Chief Executive Officer Igor Sechin said: “The Company demonstrated a significant improvement in 1Q 2018 financial results illustrated by free cash flow recovering to RUB142bn, or USD 2.5bn, first of all. The company cut the level of short-term financial liabilities by 49% this year, substantially improving the debt portfolio structure. Taking into account additional initiatives focused on shareholder value creation and also relatively favourable market conditions we expect further reduction in liabilities and improvement in the shareholder returns.”
For more information, visit: www.rosneft.com
21st May 2018