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Zarubezhneft reports record dividends and growing profits for 2019

Zarubezhneft reports record dividends and growing profits for 2019

Moscow, August 31 - Neftegaz.RU. Zarubezhneft published today the company's 2019 annual report. At the end of 2019, the indicator of consolidated revenue according to IFRS increased by almost RUB 1 billion and amounted to RUB 92.9 billion. The total production volume in the effective share of Zarubezhneft at the end of 2019 exceeded the planned indicator by 5.6%.

The successful implementation of the company's strategy provided additional revenues to the Russian budget system: the total amount of tax and other mandatory payments to the budget (excl. dividends) in 2019 amounted to RUB 55.68 billion, which is 24% higher than the level of 2018.

The successful overachievement of the targets set by the company made it possible by the end of 2019 to approve for payment a record amount of dividends in the amount of RUB 6.65 billion, which is more than 10% more than last year. Over a period of several years, the company has assigned them at the rate of 50% of net profit.

The company's high level of efficiency is also reflected in the sustainability report. According to the adopted strategy for expanding the geography of activities, in 2019 Zarubezhneft entered new markets in Uzbekistan and Egypt and continues its international expansion in 2020.

In the field of industrial safety, which is a significant aspect of its activities, the company shows positive results. Thus, the frequency of accidents at the enterprises of Zarubezhneft decreased by more than 3 times (compared to 2015) and amounted to 0.54 in 2019. Special attention is paid to environmental issues: in 2019, the level of current financing of environmental protection measures in subsidiaries located in Russia showed its significant growth and amounted to about RUB 218.04 million.

Zarubezhneft is a Russian oil & gas company of strategic importance with a rich history and unique 50-year experience in foreign economic activity. Projects include work offshore Vietnam under Vietsovpetro JV, development of fields in the Nenets Autonomous Area within the framework of the Joint Company Rusvietpetro and Kharyaga field, application of technologies in the development of fields in Cuba, and operations in the Refining and Marketing segment in the Republika Srpska (Bosnia and Herzegovina).

To read the news in Russian.