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In Money Matters

Oil price pushes Lukoil sales and profits up

5th March 2019

Oil price pushes Lukoil sales and profits up Pin It

The Russian oil and gas company Lukoil closed 2018 with more profit and turnover. Among other things the higher oil price played a role in the company last year. In addition, the relatively weaker ruble did a bit in the bag.

The group ended the year with a profit of 619 billion rubles (8.3 billion euros). That meant an increase of almost 50 percent compared to a year earlier. The result was also slightly better than what connoisseurs assumed in average. The turnover of Lukoil rose by more than a third on an annual basis.

The fact that the oil price had a major impact on Lukoil’s results was clearly reflected in the quarterly figures. The oil price fell lower during the measurement period. On a quarterly basis this immediately resulted in less profit and lower turnover in the closing quarter.

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