Rusneftegaz can publish results for the fourth quarter of the year as of and for the three and twelve months ended 31 December. These statements were prepared in accordance with International Financial Reporting Standards, otherwise known as IFRS, and have not been audited. The full results are disclosed in the financial section of the Group's website.
During the quarter, revenues amounted to $136.5m and net profits totalled $62.9m, representing a 9.5% increase in revenue and a 33.8% rise in net profits compared to the same period last year. For the full financial year, total revenue recorded amounted to $502.3m with the total net profit recorded totalling $223.4m, representing increases of 13.9% and 25.4% compared to 2016. Throughout the quarter and the year, rising commodity prices have resulted in a significant uplift in revenue and net profits recorded by the Group; this has been substantiated by increased year-on-year electricity and oil production, resulting in significant percentage rises compared to the previous year.
The financial details in this article are current at the date of this report, and believed by Rusneftegaz to be accurate and true. All information is disclosed as a summary and does not purport to be complete. The data that this commentary is dependent on is obtained from sources believed to be reliable, but the Group, nor any of the directors, officers, employees, agents, subsidiaries or affiliates, can wholly guarantee the accuracy or completeness of such information.