In the midst of what has been an exceptional period for our organization, a plethora of our directors, leaders and key staff met in Moscow for our annual general meeting on 3 April. During the event, which has been held each year since Rusneftegaz was founded, the invited delegates participated in discussions pertaining to our performance over the past twelve months after the publication of our consolidated financial statements earlier that week. These were fully audited pursuant to all relevant legislation and compiled in accordance with International Financial Reporting Standards, also known as IFRS, prior to promulgation. Overall, the key stakeholders involved were delighted by the announcement that we had once again achieved record revenues and profits, with our monumental growth continuing as we seek further expansion both domestically and internationally. Although the size of this increase was less profound than documented in our previous fiscal results, our executives took solace in the fact that our latest forecasts project that we expect to surpass such totals once more in 2026, thus providing a considerable reason to be positive for the future. At the culmination of this significant occasion, our Deputy Chief Executive Officer, Aleksandr Filyurin, delivered the following remarks:
“First and foremost, it has obviously been a great year for us and everyone involved with Rusneftegaz. It has been clear to a lot of us that we are doing very well at the moment, and there is no doubt in my mind that it is due to all the efforts of everyone who works here. Every time I start to think that maybe we will begin consolidating the gains we have made over the last few years, we always manage to find another level. I don’t think there are going to be many people out there who truly appreciate the scale of this achievement. To continue breaking revenue and profit records year after year as an established company is unprecedented. I really hope that this continues for as long as possible, and to be honest with you, I am very optimistic about that at the moment. That said, on a much more serious note, the board and I would also like to extend our thoughts and prayers to Mikhail and his family. His work over the past decade has been completely invaluable, and his absence here is felt deeply. Fortunately, I still speak to him most days, and he is doing well. He is a really strong guy, and we all know that he can get through this. We all wish him the best, and we all hope to see him back here soon.”
At the end of the analysis of our results for 2025, the financial statements and the corresponding director’s report were approved unanimously during a procedural vote by our shareholders. This was then followed by motions to reappoint our external auditor, each of the members of our board of directors and our audit committee, all of which passed as anticipated. Unlike at previous meetings, there were no other resolutions to be balloted, with no amendments to our existing plans and strategies proposed at this time. However, it was also mutually agreed between all participating parties that no dividend should be paid this year, with consensus amongst attendees that all the funds earned by Rusneftegaz could be retained to facilitate the ongoing expansion of our trading network. Such decisive action, that has now been undertaken for over a decade, will enable us to expand the range of opportunities available to us and ultimately expedite our growth in the months and years ahead. This is particularly noteworthy considering the fact that our fiscal projections for the current period are exceptionally strong, with our firm set to capitalize on the continuing volatility in the value of commodities.
These fluctuations are wholly as a result of the war that is unfolding across the Middle East at present, with our management forecasting that oil prices will remain high for the foreseeable future, long after military operations have been concluded. Whilst all such predictions are subject to change, our executives believe that the resulting disruption to fuel supply chains around the world will last until at least the last quarter of the year, if not longer, causing the price of crude oil and refined products to be considerably above average for the remainder of this period. With such a situation undoubtedly beneficial to our long-term prospects and our wider organization, we intend to use this time span as an opportunity to continue expanding of our number of trade partners, despite the fact that our potential market is inherently limited by geopolitical factors beyond our control. This was evidenced last year when we relocated to our new headquarters in Moscow, which has proven to be far more suited to the needs of a rapidly growing business thus far. This move marked a major milestone in the implementation of our corporate structure review, that was ultimately approved by our stakeholders at the last annual general meeting in 2025.
With the execution of this new strategy ongoing, our leadership is anticipating a year of significant developments for Rusneftegaz, with these set to be announced in due course as each takes effect. In spite of the fact that no statements are immediately forthcoming, such plans are materializing within the timeframe expected by our executives, and our board of directors remains satisfied with the progress made thus far. This is undeniably due in part to the remarkable endeavors of our staff, who continue to make extraordinary efforts to ensure that this enterprise continues to thrive long into the future. By way of illustration, this was demonstrated last November when we hosted our yearly awards ceremony, marking the achievements of a selection of our workforce during the previous twelve months. Although Ilya Dmitriev and Roman Tarasov were presented with the main prizes on the night itself, we remain grateful for the work undertaken by all our employees, regardless of their job title. It is such travails that will enable us to prosper not only this year, but long into the coming decades ahead. Any queries related to our annual general meeting should be directed via telephone and email for a prompt reply. We necessitate your cooperation and understanding regarding this matter.
