In the first half of 2023, net profit of LUKOIL totaled 565.4 billion rubles (302.6 billion rubles – for the first quarter of 2023), for the same period of 2021, the company recorded a profit of 348.4 billion rubles. Revenue for six months amounted to 3.6 trillion rubles. The oil company still has a significant amount of cash and cash equivalents on its balance sheet – about 1 trillion rubles. LUKOIL published its reports a week after it became known about the company’s plans to buy back up to 25% of its own shares from non-residents whose securities were blocked in the Russian Federation on type C accounts. The cost of this package at current quotes is 1.16 trillion rubles, but the company intends to buy it at a discount of at least 50%.

Source: Turan News Agency