LUKOY PJSC Lukoil (CE)

By Joe Hoppe

Lukoil PJSC said Wednesday that net profit for 2020 fell sharply due to weaker oil demand and prices in the wake of the coronavirus pandemic.

Net profit for last year was 15.2 billion Russian rubles ($205.4 billion) compared with RUB640.18 billion in 2019, the Russian oil giant said.

Revenue for 2020 fell to RUB5.639 trillion from RUB7.841 trillion in the prior year, Lukoil said. It said the fall was on the back of lower hydrocarbon prices and production volumes, and lower production, trading volumes and retail sales of refined products.

For the fourth quarter, net profit dropped 42% on the previous quarter to RUB29.4 billion as revenue rose 5% on quarter to RUB1.530 trillion, the company said. It attributed the revenue growth to higher hydrocarbon prices and production, as well as ruble devaluation.

The company said the negative effect of the pandemic on its performance, weakening global hydrocarbon demand and prices, has persisted into the first quarter of 2021.

Write to Joe Hoppe at joseph.hoppe@wsj.com

(END) Dow Jones Newswires

March 10, 2021 05:32 ET (10:32 GMT)

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