Rusneftegaz can publish results for the third quarter of the year as of and for the three and nine months ended 30 September. 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, total revenue amounted to $125.6m, of which net profits amounted to $54.0m. Such figures represent a revenue increase of 10.6% and a net profit increase of 18.8%. Total revenue reported for the first nine months of the year amounted to $365.8m, an increase of 15.6% year-on-year, with the total net profit recorded totalling $160.5m, representing a year-on-year increase of 22.4%. Increases in revenue and profits can be attributed to rising commodity prices and higher volumes of production of oil and electricity, which is a consequence of the Group's investments made in infrastructure since 2015. Year-on-year rises in revenue and profits are expected to continue into the next quarter.
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.