Gazprom makes $41.75 billion in profits in first six months, announces dividend for shareholders

A day before Gazprom shut the Nord Stream 1 gas pipeline, the Russian-state-owned company announcedit had made a staggering profit of $41.75 billion, in the first six months of 2022.

Reportedly, the energy major has also proposed a dividend of $0.85 per share for its shareholders, taking the overall dividend payout to $20.26 billion. The decision on the payout, however, will have to be approved in the September 30 extraordinary general meeting.

Talking about the company's growth despite the dangling sword of western sanctions, Gazprom's deputy chief executive, Famil Sadygov stated:"Despite sanctions pressure and an unfavourable external environment, the Gazprom Group reported record IFRS revenues and net profit in the first half of 2022, while reducing net debt and leverage to a minimum."

It is pertinent to note that after the announcement on Tuesday, Gazprom's shares soared more than 27 per cent in early trade in Moscow on Wednesday.

While Gazprom mints billions, the rest of Europe is anxiously waiting for the next three days to pass. As reported extensively by WION, Gazprom, which maintains the Nord Stream 1 pipeline has closed it for three days, beginning today, citing maintenance work.

The pipeline which runs from Russia to Germany under the Baltic Sea is the lifeline of the European countries. Despite being against Russia since its invasion of Ukraine, the European countries remaintoothless against Moscow which has used its position of energy dominance to circumvent the sanctions.

The West has imposed sanctions on several hundred Russian companies since February, however, none of the countries have daredtouch Gazprom. The reason is quite obvious. Russian natural gas accounts for more than 40 per cent of the EU's demands. If Gazprom is sanctioned, the entire economy of Europe could go into a tailspin.

(With inputs from agencies)

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