The contract with Rosneft, the company's rebranding and its own fleet — about the 2023 Oil Resource results
The most important event for Oil Resource in 2023 was the conclusion of a long-term contract with Rosneft for the transportation of hydrocarbons.
The company has signed contracts with the largest refineries in Russia as well as private organizations.
Over the period 2014-2019, the company demonstrated an average annual revenue growth rate of 50%. The decrease in turnover and revenue in 2020-2021 was due to the pandemic. In 2023, the company's revenue returned to pre-pandemic levels
The Oil Resource comparative results for 2022 and 2023 prepared in accordance with International Financial Reporting Standards (IFRS) are presented below.
| 2022 | 2023 | %, change | |
| prices are presented in thousands of rubles | |||
| Revenue (excluding VAT) | 8 285 257 | 10 432 500 | 20,5 |
| Net profit | 112 604 | 221 060 | 49 |
| EBITDA | 183 104 | 342 076 | 46,5 |
| Assets | 1 425 205 | 2 429 295 | 41,3 |
| Capital | 446 900 | 649 799 | 31,2 |
| Monetary assets | 7 233 | 12 925 | 44 |
By the end of 2023, Oil Resource demonstrates profitability and strong results with a net profit of about 220 million rubles which is about 50% profit growth compared to the previous year. Over the past year, the value of total revenue increased by more than 20%, assets — by more than 40%, EBITDA values — by 46%, the amount of capital increased by more than 30%.
This confirms the business reliability and serves as a foundation for continuing stable payments to shareholders based on the work results for the entire reporting period.
Based on the presented data, we can see that in 2023, under external pressure, Oil Resource demonstrated operational efficiency and confirmed the viability of its business model.
The values of revenue, net profit and EBITDA increased while debt obligations for 2023 decreased by 25% compared to last year.
| 2021 | 2022 | 2023 | |
| prices are presented in thousands of rubles | |||
| Debt | 511 428 | 345 172 | 260 000 |
| EBITDA | 216 065 | 183 104 | 342 076 |
An increase in the number of financial partners was also a significant event last year. In 2023, Oil Resource attracted a large number of federal and regional banks to cooperate — this indicates the company's sustainability and stability.
The rebranding of Group of Companies Oil Resource and the opening of new divisions in Surgut and Sterlitamak — all this testifies to the progressive and systematic development.
Thanks to the development of logistics and the expansion of the driver staff by more than 30%, it became possible to form your own fleet.
Another significant event of this year is the increase in the group's rating. This is the result of a long-term strategy that has helped to increase investor confidence.
In 2023, Oil Resource launched a new company Zemlitsa. Its main activity is the agroindustrial sector. Today, Zemlitsa specializes in the export of grain. And in the future, it will focus on grain cultivation, the formation of a land bank, logistics and distribution.
