Gazprom's profits down by about $16 billion in 2022
Russian energy giant Gazprom has announced a more than 40% drop in 2022 profits to nearly $16 billion, compared to $24 billion in 2021, Reuters reports. The main reason for the decrease is the tax increase introduced in the second half of last year. As a result of this, Gazprom has made a decision not to pay dividends for the full year 2022.
With Gazprom's net profit down almost 40 percent last year, the company's board of directors has decided not to pay dividends for the full year 2022. Immediately after the announcement, Gazprom's share price on the Moscow stock exchange fell by almost 4%.
Gazprom's deputy CEO Famil Sadygov said the dividends paid were a record for the Russian stock exchange.
The West last year introduced a series of sanctions against Russia and state-owned companies over Moscow's invasion of Ukraine. Gazprom's exports have not been directly sanctioned, but their volumes have almost halved to 101 billion cubic metres in 2022.
Gazprom is the largest contributor to the Russian Federation's budget.
