MOSCOW (Reuters) -Lukoil posted a 26.5% decline in 2024 full-year net profit to 848.5 billion roubles ($10.12 billion), Russia’s No.2 oil producer reported on Monday, as taxes increased.
It also said revenue rose to 8.6 trillion roubles last year from 7.9 trillion roubles in 2023.
Russian companies have taken a hit from a rise in taxes amid efforts to fund Moscow’s military campaign in Ukraine, which is in its fourth year.
Russia’s largest oil producer Rosneft also reported a drop in 2024 net income 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.
($1 = 83.8705 roubles)
(Reporting by Vladimir Soldatkin and Olesya Astakhova; Editing by Jan Harvey)
