Romanian state-owned gas producer ups net profit by 66%

Romanian state-owned gas producer Romgaz recorded a net profit of RON 1.18 billion (EUR 253.8 million) in the first nine months of this year, up 66% over the same period last year.

The company’s gas production increased by 23.6% to 3.75 billion cubic meters, according to report the company sent yesterday to the Bucharest Stock Exchange (BVB). Its turnover thus reached RON 3.24 billion (EUR 697 million) between January and September, up 35% year-on-year.

Gas consumption rose by 12% in Romania in the first nine months of this year, after a decrease of 4.6% in 2015 and a 1.9% moderate growth last year.

Romgaz managed to increase its deliveries by 34.6% between January and September compared to the same period last year because of the rising national gas consumption. The company’s share in Romania’s gas delivery market reached 48.1% in the first nine months of this year, compared to a share of 40% in the first nine months of 2016.

The Energy Ministry holds a stake of 70% in Romgaz. The company had about 6,200 employees at the end of September.

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