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Romgaz posts RON 252.7m net profit, up by 41pc in H1

Romgaz has posted a net profit of RON 252.7 million in the first semester of this year, up by 41.1% as compared to the similar period in 2016, due to the increase in gas and electricity sales and to the decrease in spending, a report released on Friday by the Bucharest Stock Exchange (BVB) reads.

“Total revenues are higher by RON 416.7 million, registering an increase of 21.8%, while total expenditures registered only 11.9% growth. Labour productivity increased by 19.8% against the previous period, from RON 329.37 million CA/employee in H1 2016 to RON 395 million/employee in H1 2017,” the document reads.

Net profit, EBIT and EBITDA rates are higher compared to H1 2016, due to a significant increase in turnover, from RON 1,849 billion to RON 2,392 billion.

“Against the background of rising national gas consumption, Romgaz managed to increase its deliveries by 31.59% against the previous period, from 24.34 TWh to 32.03 TWh. As a result, Romgaz market share in the gas supply market in Romania reached 42.76%, being by 3.13% higher than the share held in the previous period (39.63%), the source informs.

The natural gas production was of 2,559 billion cubic meters, by 362 million cubic meters higher than the production achieved in the same period in the previous year (+16,5%) and by 91,8 million cubic meters higher than the scheduled level (+3.7%). With this production, according to the Romgaz estimates, Romgaz had a market share of 46.5% of the domestic gas consumption, up by 4.91% against the share held in the previous period (41.59%).

According to Romgaz, electricity production increased by 95.8% as compared to the same period in 2016, from 510.6 TWh to 999.7 TWh, Romgaz having a market share of 3.13%.

 

About Valeriu Lazar