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Russia's Novatek says H1 net profit edges down 3% year-on-year to $2.8 billion - Finance news and analysis from Global Banking & Finance Review
Finance

Russia's Novatek says H1 net profit edges down 3% year-on-year to $2.8 billion

Published by Global Banking & Finance Review

Posted on July 24, 2026

1 min read

· Last updated: July 24, 2026

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Novatek Reports 3% Decline in H1 Net Profit as Revenue Rises in 2023

Financial Performance Overview

Net Income Results

MOSCOW, July 24 (Reuters) - First-half net income for Russia's largest liquefied natural gas producer Novatek declined by around 3% year-on-year to 218.7 billion roubles ($2.8 billion) as expenses rose, the company said on Friday.

Revenue Growth

It also said its January-to-June revenue increased by 4% to 836.3 billion roubles compared to the same period last year.

Exchange Rate Information

($1 = 78.5500 roubles)

Reporting and Editorial Credits

(Reporting by Oksana Kobzeva and Vladimir Soldatkin; Editing by Joe Bavier)

Key Takeaways

  • H1 net income fell ~3% year‑on‑year to ₽218.7 billion (~$2.8 billion), even as revenue climbed ~4% to ₽836.3 billion, pressured by rising expenses (Reuters).
  • Novatek’s total hydrocarbon production rose by ~2.8% to 346.2 mmboe in H1 2026, with natural gas up 2.7% to 43.68 bcm, reflecting operational growth (company data).
  • Despite production gains, LNG exports from Yamal LNG dipped ~2% to 9.5 million tons in H1, contrasted with a ~9.9% rise in Russia’s overall LNG exports, buoyed by Arctic LNG 2 (LSEG data).

References

Frequently Asked Questions

What was Novatek's net profit for the first half of 2023?
Novatek reported a net profit of 218.7 billion roubles ($2.8 billion) for H1 2023.
How did Novatek's H1 net profit compare to last year?
Novatek's H1 net profit decreased by around 3% year-on-year.
Did Novatek's revenue increase or decrease in the first half of 2023?
Novatek's revenue increased by 4% to 836.3 billion roubles compared to the same period last year.
What factor contributed to Novatek's net profit decline?
The decline in net profit was due to rising expenses.

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