The company has published preliminary financial results for 2024 according to RAS. Targets have been achieved and the forecast strategy is becoming even more realizable due to rapid growth.
Oil Resource Group LLC demonstrates multiple growth over the past year. According to preliminary accounting (financial) statements under RAS for 2024:
- Revenue 21.6 bln rub. (+107.1% YoY)
- Net profit 480.4 mln rub. (+104.8% YoY)
- EBITDA 996 mln rub. (+181.88% YoY)
- Net debt 1.89 bln rub. (+311.46% YoY)
- Net debt/EBITDA 1.9x (+0.6 bps)
The company demonstrates a significant increase in the scale of its business thanks to the working capital raised through the BO-01 bond issue. The increase in debt was driven by the bond issue, which allowed the company to conclude new key contracts with Russian oil refineries.
- Return on sales decreased by 0.03% to 2.22%
- ROE increased to 40.81% (+7.15% YoY)
- EBITDA margin increased by 1.22% to 4.61%
Oil Resource expanded its presence in the wholesale oil and petroleum products market by increasing working capital and implementing a capital expenditure plan. The company increased its fleet of gasoline trucks to 50 (+6 pcs.). Capital investments had an effect on margin increase due to lower costs of outsourcing transportation of petroleum products to customers.
«Oil Resource managed to achieve significant results in 2024: revenue exceeded expectations by 8.04% and EBITDA increased by 42.25%. The attraction of a bond loan of 1 billion rubles in May 2024 contributed to the expansion of business scale. The revised sales strategy, which includes a full range of turnkey services, has increased margins. Diversification and development of current areas will ensure further profitability growth. The strategy envisages expansion of business geography and entry into foreign markets, as well as development of new projects in the field of oilfield services»
— said Semyon Garagul, General Director of Kirillitsa JSC (managing company of Oil Resource Group LLC).
In November 2024, National Rating Agency LLC upgraded the credit rating of Oil Resource Group LLC to BB+|ru| on the national rating scale for the Russian Federation, with a stable outlook. The agency noted high receivables turnover, comfortable level of permanent capital, improved corporate governance and risk management, as well as transparent ownership structure and low dependence on major suppliers and customers.
Outlook and Strategic Actions for 2025
- Revenue at 29.6 bln rub. (+ 37.04% YoY)
- EBITDA at 1.2 bln rub. (+ 20.48% YoY)
- Net profit at 640 mln rub. (+ 33.22% YoY)
Given the current situation on the oil market and the company's financial position, the outlook for 2025 remains optimistic. In the context of market shortages and supportive oil prices, Oil Resource will further strengthen its position by entering into direct contracts with major refineries, which will significantly expand its customer base, ensure stability of supply and fulfillment of contractual obligations.
