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Russia's Lukoil says 2024 net profit down 26.5% as taxes bite

Published by Global Banking & Finance Review

Posted on March 24, 2025

1 min read

· Last updated: January 24, 2026

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Lukoil Reports 26.5% Decline in 2024 Net Profit Due to Taxes

MOSCOW (Reuters) - Lukoil posted a 26.5% decline in 2024 full-year net profit to 848.5 billion roubles ($10.12 billion), Russia's No.2 oil producer reported on Monday, as taxes increased.

It also said last-year revenue rose to 8.6 trillion roubles from 7.9 trillion roubles in 2023.

($1 = 83.8705 roubles)

(Reporting by Vladimir Soldatkin and Olesya Astakhova; Editing by Jan Harvey)

Key Takeaways

  • Lukoil's 2024 net profit fell by 26.5%.
  • Increased taxes impacted Lukoil's profits.
  • Revenue rose from 7.9 trillion to 8.6 trillion roubles.
  • Lukoil is Russia's second-largest oil producer.
  • Currency exchange rate: $1 = 83.8705 roubles.

Frequently Asked Questions

What is the main topic?
The article discusses Lukoil's 26.5% net profit decline in 2024 due to increased taxes, despite revenue growth.
What caused Lukoil's profit decline?
Lukoil's profit decline was primarily due to increased taxes in 2024.
How did Lukoil's revenue change?
Lukoil's revenue rose from 7.9 trillion roubles in 2023 to 8.6 trillion roubles in 2024.

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