Gazprom becomes Russia's most unprofitable company – Forbes

The Russian company Gazprom suffered a record net loss of USD 6.1 billion in 2023.

Source: Russian Forbes

Details: The largest corporation in Russia, Public Joint Stock Company Gazprom, suffered a record net loss of USD 6.1 billion in 2023 for the first time in 25 years and became the most unprofitable company in Russia.

The publication notes that Gazprom has already reached a net profit of almost USD 12 billion in the first half of 2024. 

The Amur Gas and Chemical Complex, a joint venture between Russia's Sibur Holding and China's Sinopec, is in second place in the Russian Forbes rating. 

The start of production at the facility was postponed to 2027 due to Western sanctions on equipment supplies.

The top five most unprofitable Russian companies also include Ozon (USD 450 million in net losses), Rostec's United Aircraft Corporation (USD 360 million in net losses), and social network VK (USD 360 million in net losses).

The Russian Forbes loss rating also includes the coal company Mezhdurechye (USD 340 million in net losses), the Moscow Metro (USD 320 million in net losses), the Russian state-owned Deposit Insurance Agency (USD 310 million in net losses) and the Baltika Breweries (USD 290 million in net losses).

At the same time, the publication reports that the RusGazDobycha group of companies reduced its net loss. In 2022, the figure was USD 1.6 billion, and in 2023 it was USD 320 million.

Overall, in 2023, the total loss of the Russian companies included in the rating exceeded USD 9.4 billion.

Background: Gazprom sees Africa as a growth point for future supply development and predicts a downward trend in European consumption over the next few years.

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