Romgaz, net profit up by 82.4pc last year

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The National Natural Gas Corporation Romgaz Medias reported a net profit up by 82.4% last year, 2017 being the best year recorded by Romgaz from the company’s IPO at the Bucharest Stock Exchange (BVB) and London Stock Exchange (LSE), reads a press release of the company sent to the BVB on Thursday.

According to the preliminary annual Report of the company, the natural gas production amounted to 5.158 billion cubic metres, by 939 million cubic metres higher than the output achieved in 2016 (+22.2%), the increase being stimulated by the lower temperatures at the beginning of 2017 and the rise of the gas demand for the production of electricity.

Own gas deliveries were higher in 2017 as compared to the previous year by 32.7%.

The amount of electricity produced by Romgaz in 2017 went up by 14.5% and is closely related to the low production from hydro and renewable sources, as well as to the prolonged heatwave, to the reparations and maintenance programme of some thermo groups and the freezing of certain production capacities in the thermo and nuclear areas.

Revenues from electricity sales have reached RON 464.17 million, up by 38%, y-o-y. The market share of the electricity output was 2.95%, according to information from Transelectrica.

In 2017, Romgaz made investments worth RON 781.77 million, up by 57.07%, as compared to the previous year’s level.

The estimated turnover of the company amounts to RON 4.59 billion, as compared to RON 3.41 billion in 2016, bvb.ro informs.

Romgaz S.A. is the biggest producer and main supplier of natural gas in Romania, its main segments of activity being the exploitation, production, supply and storage of natural gas, and electricity production.

The Romanian state, through the Energy Ministry owns 70 percent of the company’s shares.

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