Bashneft doubled its net profit in first half of 2018

UFA, 8 August 2018. /Bashinform News Agency/ translated by Tatiana Aksyutina/. In the first half of 2018, PJSOC Bashneft showed very good financial results. Despite the constraints on the volume of production, the company under Rosneft's management demonstrated a significant increase in EBITDA and net profit.

The "pre-tax profit" index of Bashneft according to the international standards of financial reporting increased by 17.8% (81.6 billion rubles) compared to the same period in 2017.

Improvement of operating results led to a significant increase in net profit of PJSOC Bashneft, which in the first half of the year reached 41.4 billion rubles, which is by 90% higher than for the same period of 2017.

Also for the first time in recent years, the Bashneft's net debt decreased by half. This testifies to the fact that the overall financial condition of the oil company has improved. This allows Bashneft to start paying dividends for the results of 2017 without attracting outside financing.

The financial and economic well-being of Bashneft is a key factor in maintaining social and economic stability in Bashkortostan, as the company is the major donor of the regional budget, the largest employer of the republic. It implements a large-scale charity program and pays high dividends, including to the republic, which owns a 25% stake in its capital.