Rosgeo Increased its Net Profit Under RAS for 2023
JSC Rosgeo announces financial results for 2023 in accordance with Russian accounting standards (RAS).
Despite the difficult economic background and rising financing costs, the company’s gross profit last year increased by 4.45% to 1.43 billion rubles, and net profit increased by 5.4% to 357.61 million rubles compared to 339. 25 million rub. in 2022
At the same time, there is a slight decrease in revenue by 11.9% to 16.5 billion rubles, which is due to the transfer or change in the scope of work under a number of government and commercial contracts, including parametric drilling and marine seismic exploration. The disposal of revenue was offset by a decrease in costs, administrative expenses and other income.
In 2023, Rosgeo JSC carried out work under 46 government contracts for solid minerals (SMR), 11 government contracts for groundwater, 10 government contracts for the search for hydrocarbon raw materials, including 7 projects for ground geophysical work and 3 for work on the shelf, as well as under 10 government contracts to search for scarce minerals at the bottom of the World Ocean within the framework of the international obligations of the Russian Federation.
The volume of unfulfilled obligations of Rosgeo JSC under government contracts decreased over the year by 41% – to 248 million rubles as of December 31, 2023 – the minimum level for 9 years, including under contracts for the search for solid minerals – to zero.
The assets of Rosgeo JSC, according to RAS reporting, amounted to 63.52 billion rubles, an increase of 12.9% compared to 56.26 billion rubles a year earlier. Non-current assets increased by 3% to 35.43 billion rubles, mainly due to the acquisition of new fixed assets under the technical re-equipment program of Rosgeo JSC as part of the Geology: Revival of a Legend initiative. Current assets increased by 27.68% to 28.1 billion rubles, mainly due to accounts receivable, including debt from external counterparties under exploration contracts.
The capital and reserves of Rosgeo JSC increased by 6.01% to 31.31 billion rubles. At the end of 2023, there is a positive trend in net assets compared to 2022, the increase amounted to 1.8 billion rubles, including due to an increase in the Company’s authorized capital by 1.4 billion rubles as a result of additional capitalization.
