Gazprom sales up in Q1 as prices recover

Russian pipeline gas export monopoly Gazprom saw its net sales of gas rise by 43% in Q1 compared with the same period last year as prices rose, it said May 28. It reported revenues of 1.24 trillion rubles ($17bn) as volumes also rose. It achieved an operating profit of 490.2bn rubles, compared with 293.5bn rubles in Q1 2020. Adjusted EBITDA rose 38% to 700.6 trillion, mainly owing to higher sales.

Europe "and other countries" paid in total 270.1bn rubles, 59 % more, mainly owing to a 33% hike in prices including excise tax and customs duties and a 25% increase in volume. 

Net sales of gas to former Soviet Union countries rose 30% to 113.27bn relative to Q1 2020. Again, the volume was up 28% but the price was little changed, up 2%.

Net sales of gas in the Russian Federation rose 23% to 397.7bn with volume up 19% and average prices up 4%.

Operating expenses rose 23% to 1.77 trillion for Q1 2021, mainly caused  by the revaluation of accounts receivable from foreign customers and loans issued, which was caused by the depreciation of the euro against the Russian ruble and the appreciation of the dollar against the ruble. Higher mineral extraction taxes were partly offset by a cut in excise tax.