11:36 - 3.10.2024

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October 3, Fineko/abc.az. Gazprom took the 1st place in the Forbes magazine ranking of the most unprofitable companies in Russia by the end of 2023.

ABC.AZ reports that the list is published on the publication's website.

According to Forbes, Gazprom's net loss for 2023 amounted to 583.1 billion rubles ($6.13 billion). Forbes notes that this is company's first loss in 25 years.

Thus, in the week since the publication of Gazprom's financial results reports for 2023, the value of its shares decreased by 6% to 154 rubles. It is clarified that company's loss was of "accounting nature" - it was ensured by depreciation of non-financial assets of 1.15 trillion rubles and loss from exchange differences of 652 billion rubles. However, Gazprom's net cash flow from operating activity grew by 5% to 2.3 trillion rubles last year, and by the end of the 1st half of 2024, the company received 1.1 trillion rubles in net profit.

The 2nd place in the rating is occupied by the Amur Gas Chemical Complex, whose net loss last year amounted to 71.9 billion rubles ($760 million). The complex, which is under construction in the Amur Region, is a joint venture between Sibur and Chinese corporation Sinopec. At the beginning of September 2024, the overall progress on the project exceeded 55%. The Amur Gas Chemical Complex should become one of the world's largest producers of polyethylene and polypropylene. Forbes called the loss of a non-operating company accounting, and there is also a connection with reserves for asset depreciation and loss on exchange differences from the recalculation of assets and liabilities in foreign currency.

Ozon closes Top 3 with net loss of 42.7 billion rubles ($450 million) for 2023. According to the magazine, company's loss dropped by 27% due to an increase in gross profit and absence of one-time expenses. In addition to investments in warehouse infrastructure and the cost of attracting customers, high labor inflation also caused losses. Thus, by the end of 2024, Ozon's loss may increase again - due to an increase in Central Bank's key interest rate, company's interest expenses more than doubled in the 1st half of the year alone, to 21.7 billion rubles.

The rating of the publication also includes the United Aircraft Corporation (34.8 billion rubles), VK (34.3 billion rubles), Mezhdurechye JSC (32 billion rubles), the Moscow Metro (30.7 billion rubles), Rusgazdobycha JSC (30.3 billion rubles), the Deposit Insurance Agency Group (29.5 billion rubles) and Baltika brewing company (28.1 billion rubles).