Romgaz’s net profit rose 15% in 2020, despite declining gas sales

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Romgaz obtained a net profit of 1.25 billion lei last year, up 15.14% compared to 2019, but the company’s turnover decreased by 19.79%, to 4.07 billion lei, while the amount of gas sold was 10.1% lower.

“The decrease in turnover comes from the decrease by 24.48% of the revenues from the sale of natural gas, both from those produced by Romgaz, and from those purchased for resale and from associations. Instead, the consolidated revenues from storage services increased by 13.32%, and those from the sale of electricity by 29.9%,” it is shown in the Report on the preliminary financial results of Romgaz, sent to the Bucharest Stock Exchange.

The estimated natural gas production for 2020 was of about 4.52 billion cubic meters (bcm), 757.2 million cubic meters lower than the production achieved in the previous year (-14.35%), due to the special situation generated of the COVID-19 pandemic in the Romanian economy, according to Agerpres.

“In the fourth quarter (Q4) there is a strong return of production compared to Q3 (an estimated increase of 38.84%). Compared to the budgeted production, the production was higher by 4.7%,” the company states.

The preliminary turnover for 2020 was of 4.07 billion lei, decreasing by 19.79% (the quantity sold of natural gas is 10.1% lower). For Q4 2020, an increase of 59.5% in turnover is estimated compared to Q3, mainly due to a higher amount of natural gas sold, up by 86.4%. At Group level, in the storage activity there is an increase by 13.32% of the turnover supported by the advance by 92.6% of the extraction services (+20.7 million lei) and by 6.2% ( +16.4 million lei) of capacity reservation services. The turnover from the sale of electricity increased by 29.9% compared to the previous year (+43.6 million lei) to a higher production – up by 58.9%.

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