Gazprom returned to profitability following a rate hike in Russia
The gas division of Russia's Gazprom has returned to profitability following a sharp increase in residential gas rates in Russia.
This is reported by Russian media.
In the first quarter, the company reported 147.54 billion rubles in net profit under Russian accounting standards.
Previously, Gazprom’s gas business had been reporting losses: over 140 billion rubles last year, and in 2024, total losses exceeded 1 trillion rubles.
The improvement in financial results followed a tariff hike, which amounted to nearly 15% last year and was a record high in recent years. Further indexation of gas and utility prices is expected in the coming years.
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