Revenue of Public Joint Stock Company Gazprom Increased by 25 Percent in the Year 2024
In the year 2024, Public Joint Stock Company Gazprom reported a net profit under International Financial Reporting Standards (IFRS) of 1.219 trillion Russian rubles, compared to a net loss of 629 billion Russian rubles in the previous year. Following the publication of its financial report, the company’s shares rose by 1.35 percent.
According to the IFRS report for the period January to December 2024, Gazprom’s net profit totaled 1.219 trillion Russian rubles, compared to a loss of 629 billion Russian rubles the year before. The revenue of the holding for the reporting period increased by 25 percent and reached 10.7 trillion Russian rubles — marking the second-highest revenue in the company’s history.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose by 76 percent, reaching 3.1 trillion Russian rubles by the end of the year. Gazprom had only reported higher EBITDA figures during the years 2021 and 2022. The company’s net debt-to-EBITDA ratio declined from 2.8 in 2023 to 1.8 in 2024.
According to Famil Sadygov, Deputy Chairman of the Management Committee of Gazprom, the gas business segment made the largest contribution to the company’s 2024 results. The financial report shows that revenue from external gas sales amounted to 5.8 trillion Russian rubles, while the oil business contributed 4.08 trillion Russian rubles.
Capital expenditures by Gazprom in 2024 decreased by 2.8 percent, totaling 2.354 trillion Russian rubles. The repayment of debt exceeded new borrowing by 116 billion Russian rubles, which helped to mitigate the negative effects of foreign currency revaluation of the company’s debt portfolio. As a result, the company’s total debt remained at the 2023 level — 6.7 trillion Russian rubles — while the liquidity cushion stood at 1.034 trillion Russian rubles.
Sadygov emphasized that the fourth quarter made a significant contribution to the company’s annual performance, as it is traditionally a strong period for Gazprom due to seasonal factors. Between October and December 2024, EBITDA reached 966 billion Russian rubles, one of the highest quarterly figures in the company’s history. Revenue for the fourth quarter amounted to 3.215 trillion Russian rubles, and net profit stood at 229 billion Russian rubles.
Prior to the publication of Gazprom’s IFRS results for the fourth quarter and full year 2024, the company’s shares on the Moscow Exchange were trading up by approximately 2.5 percent. After the results were released, the share price dropped by 0.91 percent, reaching 147.9 Russian rubles. However, by 16:43 Moscow time, the shares had already rebounded, rising by 1.35 percent to 151.26 Russian rubles.
In the year 2022, Gazprom set a record for dividend payments, both in its own corporate history and on the Russian stock market. Following the first half of 2022, the company paid dividends of 51.03 Russian rubles per share. In total, Gazprom allocated 1.208 trillion Russian rubles to dividend payments for that period.
The company did not pay final dividends for the year 2022 or any dividends for the year 2023. The Board of Directors of Gazprom will consider its recommendation on dividend payments for 2024 in May, and the Annual General Meeting of Shareholders is scheduled to take place in June.
