FSUOGM: Gazprom back in black in H1 after suffering loss in 2023

Net profit at Russia’s natural gas giant Gazprom climbed three and a half times year on year in the first half of 2024, reaching RUB1.04 trillion ($12bn), the company reported on August 29.

Once serving as Russia’s biggest cash cow, Gazprom suffered its first annual loss in over two decades in 2023, reflecting the collapse of its market share in Europe. The net loss under IFRS amounted to RUB629bn ($6.9bn), marking a reversal from a RUB1.23 trillion profit in the previous year.

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