OREANDA-NEWS. February 28, 2012. NIS  has published unaudited financial results for 2011 prepared in accordance with international financial reporting Standards (IFRS) and confirmed by independent auditor PricewaterhouseCoopers .

In 2011, the net income of the company is 40.6 billion dinars (USD 507 mln), which is nearly 2,5 times more than in 2010. The growth in business profitability is primarily related to an increase in efficiency of core business, reduction of production costs and expenses, as well as an increase in hydrocarbon price in the global market.

The total volume of capital investments in 2011 was 34.4 billion dinars (USD 441 mln), 75 % more the 2010 investment program volume.

Company's total bank debt at the end of 2011 was USD 458 million, which is almost USD 186 million decrease.

In 2011, NIS managed to increase oil and gas production volume for 24 per cent, i.e. to 1.52 million tons.