By Jaime Llinares Taboada
Rosneft Oil Co. on Friday reported record profits for 2021, reflecting significantly higher oil prices, and said it expects to pay out a record dividend as a result.
The Russian oil company said its net profit soared to 883 billion rubles ($11.77 billion) last year from RUB147 billion in 2020--when the pandemic hit global oil demand and prices. However, net profit fell 40% in the fourth quarter from the third quarter.
Full-year earnings before interest, taxes, depreciation and amortization jumped 93% to RUB2.330 trillion.
Free cash flow more than doubled. Net debt and trading liabilities were reduced by $5.5 billion throughout the year.
"Against the background of the recovery of the global economy, the company achieved new financial records in 2021. Thanks to the management's efforts and favorable external conditions, Rosneft reached the maximum levels of Ebitda and net income in the company's history," Chief Executive Igor Sechin said.
Last year's earnings will provide a record level of dividends, he said.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT
(END) Dow Jones Newswires
02-11-22 0242ET
