Romanian gas producer Romgaz more than doubles profit on higher prices

Romgaz (BVB: SNG), a natural gas and electricity producer and supplier controlled by the Romanian state (70%), reported a net profit of RON 1.7 bln (EUR 340 mln) in the first half of 2022, up 127% compared to the same period last year. The result was influenced by the natural gas prices and significantly higher electricity production.

The company’s revenues rose three times, to RON 7.5 bln (EUR 1.5 bln), which is 31% higher than the turnover for the full year 2021.

The company’s natural gas production for H1 2022, was 2.52 bln cubic meters, marking an insignificant production decline (-0.16%) related to the production recorded in H1 2021. Romgaz has a 61.4% market share in terms of deliveries from internal production, 10.5pp higher than the share held in the same period of 2021.

The company’s electricity production reached 544.66 GWh, higher by 341.58 GWh than the production in the same period of 2021 (+168.2%). This production placed Romgaz at a market share of 1.95%.

Romgaz's shares returned 60% in the last 12 months (dividends included), compared with a 15% increase for the BET-TR index.

(Photo source: Romgaz Facebook page)