Gazprom’s 2023 group core earnings set to drop almost 40%

MOSCOW (Reuters) – Russian natural gas giant Gazprom said on Tuesday that group EBITDA (earnings before interest, taxes, depreciation and amortisation) was set to fall almost 40% to around 2.2 trillion roubles ($24.3 billion) this year from 3.6 trillion roubles in 2022.

The results include gas, oil and electric power generation businesses.

Like many other Russian companies, Gazprom has not been disclosing its results fully since Moscow sent its troops into Ukraine in February 2022 and the West responded with sanctions of unprecedented scope.

Gazprom’s gas exports, a key source of revenue, have not been directly sanctioned, but its export volumes almost halved last year to 101 billion cubic metres as sales to Europe, previously its main market, dwindled amid wider political fallout.

Gazprom also said its board had approved an investment programme for 2024 worth 1.57 trillion roubles, in line with the management proposals made in November. ($1 = 90.3830 roubles)

(Reporting by Vladimir Soldatkin and Oksana Kobzeva; editing by David Evans and Kevin Liffey)