Wedoany.com Report-Mar 21, Russia's largest oil producer Rosneft (ROSN.MM), on Thursday reported a 14.4% slump in 2024 net profit to 1.08 trillion roubles ($12.71 billion).

A view shows a board with the logo of Russia's oil producer Rosneft at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 5, 2024.

CEO Igor Sechin said the fall was mainly due to non-cash factors, the most significant being a reassessment of tax liabilities in light of a rise in the income tax rate to 25%, effective from 2025.

Earnings before interest, taxation, depreciation and amortisation (EBITDA) increased 0.8% to 3.03 trillion roubles while revenues were up 10.7% to 10.14 trillion roubles.

Capital expenditure in 2024 totalled 1.44 trillion roubles and adjusted free cash flow stood at 1.295 trillion roubles, the company said.

Rosneft said its liquid hydrocarbon production totalled 184 million metric tons in 2024, without providing a comparison with 2023.