Romania's Romgaz reports rising profit despite lower gas volumes sold

Romanian state-controlled natural gas company Romgaz recorded a turnover of RON 3.7 billion (EUR 780 million) in the first nine months of this year, 10% higher than in the same period of 2018. Its net profit increased by 18.9% year on year to RON 1.18 bln (EUR 250 mln).

The state-owned company has operated on a shrinking market, with the total gas deliveries in the first nine months of the year declining by 5.9% for the entire market and 5.7% for Romgaz alone (which held a market share of 58%).

Operationally, Romgaz produced a volume of 3.95 billion cubic meters of natural gas, 0.7% more than in the same period of 2018, while its electricity production was 292.1 GWh, significantly lower than last year (750.6 GWh in the same nine-month period).

“The decrease in the amount of electricity produced is closely related to the investment works carried out at the Iernut thermal power plant (CTE), works that involve restricting the functioning of the energy groups of the old part of the power plant,” the company explained in its financial report.

(Photo source: Facebook/Romgaz)