Russian oil producer Gazprom Neft almost doubled its year-on-year net profit in the first half of 2018 to 166.5 billion rubles ($2.5 billion), the company announced Thursday.
The company said its net profit increased by 49.6 percent in the first half of 2018, compared to the same half of 2017. "This performance reflected positive market conditions for oil and oil products, production growth at the company’s new projects, and effective management initiatives," the company explained.
The company's earnings before interest, tax, depreciation and amortization increased to 330.5 billion rubles in the first half of 2018, from 218.2 billion rubles in the first half of 2017.
"Gazprom Neft has seen a 1.5-fold increase in its operating profit in the first half of 2018, once again confirming its market-leading position in terms of financial growth," said Alexander Dyukov, chairman of the Gazprom Neft management board.
