MOSCOW: Russian internet giant Yandex on Tuesday reported a 2% year-on-year increase in adjusted net income in 2020 and said it expects total group revenues to continue surging this year to between 305 and 320 billion roubles ($4.2-$4.4 billion).

Yandex's adjusted net income stood at 28.5 billion roubles last year, excluding its Yandex.Market e-commerce venture. Revenues were up 39% year-on-year in the fourth quarter of 2020, contributing to a 24% increase in consolidated revenues for the full year compared with 2019.

The company's taxi segment, which includes its ride-hailing arm Yandex.Taxi, grew 49% in 2020 and its revenues of 68 billion roubles accounted for 31% of the company's total, the company said.