Gazprom, the energy giant, has retained its position as the most profitable company in Russia for the second consecutive year, according to Forbes. The company earned a staggering 1.3 trillion rubles ($13 billion) in net profit last year, placing it at the top of the list of the 100 largest Russian companies.
In addition to Gazprom, the top three positions in the ranking were secured by Yamal LNG, a liquefied natural gas production enterprise, and Rosneft, a major Russian oil company. Yamal LNG recorded profits of $8.4 billion, while Rosneft earned $8.1 billion.
Lukoil, Russia’s largest private oil company, followed closely behind Rosneft with $7.9 billion in net profit. Novatek, the country’s second-largest natural gas producer, claimed the fifth position with $6.4 billion in profits.
Other notable companies in the top ten included Norilsk Nickel, a mining giant with profits of $4.29 billion, Tatneft, an oil producer with $2.85 billion in net profit, Sakhalin Energy, an oil and gas consortium with $2.84 billion, Sber, the top Russian state lender with $2.7 billion, and PhosAgro, a fertilizer producer with $1.85 billion.
Forbes clarified that the rankings were based on the net profit figures from 2022. To compile the list, Forbes considered financial and accounting statements published by the companies, as well as data from the Federal Tax Service of Russia and Rosstat presented in the SPARK system. The outlet also converted profit figures denominated in other currencies into rubles using average exchange rates for the corresponding time periods of the 2022 fiscal year.
Despite Gazprom’s dominance in the ranking, Forbes analysts anticipate a potential change in the leadership position by the end of the year. Sber, Yamal LNG, Rosneft, and Lukoil are identified as strong contenders that could potentially unseat Gazprom.
Gazprom’s continued success underscores its significance in the Russian energy sector and its role as a key player in the global energy market. The company’s position at the top of the profitable companies list is a testament to its effective business strategies and ability to capitalize on Russia’s vast natural gas reserves.
As the year progresses, the competition among these leading companies will undoubtedly intensify, and it will be interesting to witness any shifts in their rankings. However, Gazprom’s consistent performance over the years suggests that it will remain a formidable force in the Russian business landscape.