Moscow: Russian oil and gas companies, as well as financial and insurance companies saw the biggest profits in 2024, while wholesale companies suffered the biggest losses, a RIA Novosti analysis of Russian statistical data has showed.

According to Namibia Press Agency, oil and gas companies earned 5.7 trillion rubles ($67.3 billion) in 2024, marking a 10% increase from 2023, based on figures from the federal statistics service Rosstat. Financial and insurance companies, however, experienced a slight decline in profitability, generating 3.2 trillion rubles, a 2.1% decrease compared to the previous year.

Wholesale companies encountered a significant downturn, with profits shrinking by 17.5% to 3 trillion rubles in 2024. Their losses increased dramatically, growing 4.1 times to reach 1.2 trillion rubles. The financial sector bore the brunt of the losses, amounting to 993.5 billion rubles, a stark rise from the 570 billion rubles lost the previous year.

Scientific and technology companies also faced substantial losses in 2024, totaling 573 billion rubles. Among the sectors that posted losses, only four failed to generate enough profit to cover them. These included cultural institutions like libraries, archives, and museums, which faced net losses of 500 million rubles; postal and delivery services with 33.9 billion rubles in losses; and road transport, which lost 48.6 billion rubles.

Coal mining experienced the most pronounced disparity between profits and losses in 2024, with earnings decreasing 3.2 times to 140.4 billion rubles, while losses surged 2.6 times to 253 billion rubles. Overall, Russian companies saw their losses increase by 37.7% to a cumulative 7.2 trillion rubles, while profits saw a slight decline of 0.8%, totaling 37.6 trillion rubles.