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Gazprom Reports First Net Loss in 24 Years

RUSSIA
  • Russian gas giant Gazprom reported a net loss of RUB 629.1bn for 2023, compared to a net profit of RUB 1.23trl in 2022, Vedomosti report, with the company's first annual loss to IFRS in 24 years due to the loss of European markets and write-offs. Revenue from gas sales fell by more than half while revenue from gas exports plunged by more than 60%. Meanwhile, revenue from domestic gas sales grew by 14%. Following the results, the company’s shares fell as much as 4.4%, the steepest decline in more than a year.
  • Amid declining supplies to China, Kazakhstan is becoming an increasingly important buyer of electricity from Russia, Kommersant report. In January-March, supplies to Kazakhstan increased by 29% y/y to 977.2 million kWh, which amounted to almost 50% of Russia's total electricity exports.
  • Later today, the Moscow Exchange will report trading volumes for April, while the Finance Ministry may publish data on the Wellbeing Fund. A Foreign Ministry spokeswoman will hold a press briefing this afternoon.
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