Gas producer Romgaz, one of the most valuable state-owned companies, recorded a net profit of RON 501 million (EUR 108 million) in the first quarter of this year, down by 10.6% compared to the same period of last year.

The company’s turnover declined by 1% year-on-year, to RON 1.48 billion (EUR 318 million) due to lower revenues from the gas storage activity.

Gas transporter Transgaz, another important state company, also saw a 26% drop in net profit, to RON 236.6 million (EUR 50.8 million) in the first quarter.

Power grid operator Transelectrica also reduced its net profit by 4%, to RON 68 million (EUR 14.6 million), as lower power transmission tariffs negatively impacted its revenues.

State energy companies have been among the most profitable on the Bucharest Stock Exchange in recent years and have offered some of the highest dividend yields to their shareholders.

editor@romania-insider.com