Romgaz reports 33% higher profit in 2022 despite slower growth in Q4

Romania's state-controlled natural gas company Romgaz (BVB: SNG) announced that its profit dropped by 60% YoY and 40% QoQ in Q4, to RON 307 mln (EUR 6 mln), under the preliminary financial report published at the Bucharest Stock Exchange.

In the whole year, the company's net profit still rose by 33% YoY to RON 2.5 bln (EUR 500 mln). This sharp advance was possible despite the supplementary taxation introduced in 2022, which impacted the profitability margins visibly.

"The margins of consolidated net profit (19.0%), consolidated EBIT (22.2%) and EBITDA (26.3%) decreased compared to the levels recorded in 2021 (32.7%; 35.0%, respectively 47.6%) mainly as a result of the supplementary taxation." reads the document quoted by Ziarul Financiar.

Romgaz expects to pay RON 996 mln as solidarity tax, which accounts for 60% of the profit achieved in 2022, above 120% of the average profit reported in the previous four years.

The company's turnover rose by 129% YoY to RON 13.4 bln in 2022: natural gas sales rose by 124.6% YoY, electricity sales more than quadrupled, and the revenues from storage services increased by 80.5%.

Its market capitalisation was RON 15.6 bln (EUR 3.2 bln) as of February 28, when 2022 financial reports were released.

(Photo source: Facebook/Romgaz)