Surgutneftegas Profits Drop Eightfold

摘要

Net profits for Russia’s Surgutneftegas dropped more than eightfold in 2019 due to unfavorable foreign ex- change rates. Russian companies mainly posted higher profits in 2019, but Surgutneftegas, which is famous for its huge cash pile, is heavily depen- dent on exchange fluctuations when determining its annual financial per- formance. The company posted net profits of 106.2 billion rubles ($1.41 billion) in 2019 versus 850.3 billion rubles in 2018, while revenues under international financial reporting stan- dards remained almost flat on the year at 1.57 trillion rubles.