Rosneft sees $4.3 billion net income in third quarter

RIYADH: Russian oil firm Rosneft has reported an increase in net income for the third quarter this year by 35 per cent, to 314 billion rubles ($4.3 billion), Arab News reported.

The company’s earnings before interest, taxes, depreciation, and amortisation increased by 11.7 per cent to 638 billion roubles ($8.8 billion) in the third quarter, compared with 571 billion roubles in the second quarter.

The oil company’s recorded net income of 696 billion rubles at the end of the first nine months of 2021.

Net income for the first nine months of this year was the highest in its history.

Net financial debt and trading liabilities decreased by 8.4 billion rubles since the beginning of the 2021.

Rosneft plans to increase its liquid hydrocarbon production by over 1 per cent this year, the company said on Friday citing Reuters.

Total hydrocarbon production is seen growing by 4 per cent in 2021 versus last year, the firm added.