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    GAZP   RU0007661625


End-of-day quote Moscow Micex - RTS  -  2022-07-07
198.00 RUB   +0.04%
07:19aEnBW Flags Potential Billion-euro Damages In FY22 Amid Russian Gas Supply Restrictions
04:32aEU gas flows via Nord Stream and Ukraine remain steady
12:45aGazprom Unit Seeks Extension to Grace Period for $750 Million Loan Participation Notes Due 2027
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Russian state companies hike salaries amid double-digit inflation

07/01/2022 | 10:56am EDT
FILE PHOTO: A Gazprom sign is seen on the facade of a business centre in Saint Petersburg

MOSCOW (Reuters) - Dominant lender Sberbank and gas giant Gazprom are among the major Russian companies raising salaries from July, faced with double-digit inflation and the need to retain top talent as some workers choose to leave the country.

Triggered by Moscow's sending tens of thousands of troops into Ukraine on Feb. 24 and the subsequent Western sanctions that followed, inflation has soared in Russia this year, accelerating to 16.2% as of June 24. Analysts polled by Reuters expect it to end the year at 14.5%.

Some sectors, namely IT, have had to contend with workers leaving the country, some in opposition to Russia's actions in Ukraine, others seeking opportunities abroad as Russia becomes more isolated.

Almost one month after what Moscow calls its "special military operation" in Ukraine began, the Russian Association of Electronic Communications said that 50,000-70,0000 IT specialists had left the country and predicted that as many as 100,000 could follow in April.

Prime Minister Mikhail Mishustin in late May said that around 85% of IT professionals who left had returned, citing SIM-card data. His government has stepped in with a series of support measures for the industry.

On top of price rises, Russian workers also face the headache of rouble instability. Though the currency strengthened to seven-year highs this week, supported by capital controls, it is expected to depreciate in the longer term and dived around 7% on Friday.

Sberbank said it understood that financial stability was important for all and was raising salaries from July 1 by an average of 8.5%, though its IT workers, crucial for its cloud service, super computer and other technology divisions, may be in line for more lucrative remuneration.

Russian media outlet The Bell quoted a source as saying that Sberbank was aiming to stop an exodus of IT specialists and would offer some salary increases as high as 20%. Sberbank declined additional comment.

Interfax cited several industry sources as saying that Gazprom would raise salaries by 10% in July.

Private lender Alfa Bank raised salaries for its more than 27,000 staff in April by 15%. Steel producer Severstal raised salaries by 9% from April 1 after making a one-off payment in mid-February.

(Reporting by Reuters; Editing by Alistair Bell)

© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
GAZPROM 0.04% 198 End-of-day quote.-42.32%
GAZPROM NEFT 0.61% 390.3 End-of-day quote.-28.36%
SBERBANK 0.16% 133.3 End-of-day quote.-54.60%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 0.92% 61.175 Delayed Quote.-17.93%
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07:19aEnBW Flags Potential Billion-euro Damages In FY22 Amid Russian Gas Supply Restrictions
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Financials (USD)
Sales 2022 163 B - -
Net income 2022 56 293 M - -
Net Debt 2022 23 071 M - -
P/E ratio 2022 1,72x
Yield 2022 21,2%
Capitalization 74 282 M 76 685 M -
EV / Sales 2022 0,60x
EV / Sales 2023 0,79x
Nbr of Employees 468
Free-Float 50,5%
Duration : Period :
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Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 4
Last Close Price 3,14 $
Average target price 4,76 $
Spread / Average Target 51,4%
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Alexei Borisovich Miller Deputy Chairman & Chairman-Management Board
Viktor Alexeevich Zubkov Chairman
Denis Vladimirovich Fedorov Head-Marketing & Administration Department
Yuri Stanislavovich Nosov Head-Administration Department
Timur Askarovich Kulibayev Independent Director
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