OMV Petrom, the largest Romanian energy group, announced that its net profit has doubled in January-September compared to the same period in 2020 - while lagging by 37% behind the pre-crisis performance of the first nine months of 2019.

In absolute terms, the RON 1.68 bln (EUR 340 mln) net income resulted in a net margin of nearly 10%.

The group's sales revenues edged up by only 13% YoY to RON 17.1 bln (EUR 3.47 bln) on a combination of higher prices and lower output.

The group's natural gas production in the three quarters of 2021 fell by 11% YoY to 2.83 billion cubic meters, and the crude oil output by 9% YoY to 17.55 million barrels.

"The group's production decreased by 10%, mainly due to the sale of production assets in Kazakhstan in Q2 / 21, the sharp natural decline in the main fields, as well as operational maintenance activities," the company said.

On the upside, the refinery utilization rate rose to 95% compared to 90% in the same period last year, significantly above the European average. The power segment also performed well, with the net electricity production standing at 3.24 TWh, 9% higher, providing 7% of Romania's electricity production.

andrei@romania-insider.com

(Photo source: Flickr/OMV Petrom)