Key Russian gas exporter Gazprom records 41% profit drop

(Patria) - Gazprom, the state-owned natural gas company and a pillar of the Russian economy, announced that its profit for 2022 fell by more than 40 percent and said it will not pay a dividend for the full year.

The news weakened Gazprom shares by about 4% on the Moscow stock exchange. The state owns slightly more than 50% of the company, AP reports.

Profit for this year amounted to 1.226 trillion rubles ($15.4 billion), 41% less than in 2021.

The company cited an unexpected withdrawal of funds by the state last year to boost the state treasury as the reason for the decline. Gazprom has also lost most of its European customers amid the conflict in Ukraine and has been trying to strengthen its export business by increasing deliveries to China and other markets.