Despite the continued downward trend in world oil prices and the difficult economic situation in 2020, Zarubezhneft Group of Companies demonstrates sustainable financial development.
According to the financial statements with the results of operations for 2020 made under IFRS (International Financial Reporting Standards), with the Group's consolidated revenue in the amount of 82.9 billion rubles the consolidated EBITDA amounted to 21.5 billion rubles. At the same time, an EBITDA margin of 26% allows the Zarubezhneft Group of Companies to remain competitive both among Russian oil and gas companies and among the world oil and gas industry majors.
At the same time, the high level of economic efficiency allowed the Zarubezhneft Group of Companies to complete 2020 with a net profit of 9.2 billion rubles.
“Despite the new challenges associated with the spread of coronavirus infection COVID-19, owing to timely response measures, the Zarubezhneft Group of Companies ensures the continuity of all production processes at existing assets and continues to develop new projects in the Russian and world oil and gas markets,” comments the General Director of the Zarubezhneft JSC Sergey Kudryashov.
The sustainable development and financial reliability of the Zarubezhneft Group of Companies is also confirmed by the maximum credit ratings from the rating agencies. The company has been assigned ratings by Expert RA at the ruAAA level and by ACRA at the AAA (RU) level, which characterizes the maximum level of its creditworthiness and financial stability.
Zarubezhneft JSC is a Russian oil and gas company of strategic importance having rich history and unique 50-years long experience of foreign economic activity. The Company’s projects include operations offshore Vietnam in the framework of activities of the joint venture Vietsovpetro, development of fields in the Nenets Autonomous Area in the framework of the joint company RUSVIETPETRO and Kharyaga PSA, application of EOR technologies for heavy oil fields development in Cuba and downstream activities in the Republic of Srpska (Bosnia and Herzegovina).