Oil & gas company OMV Petrom, part of Austrian group OMV, gas producer Romgaz and electricity producer Hidroelectrica, both controlled by the Romanian state, were the most profitable companies in Romania in 2014, according to official statistics.

OMV Petrom remained the country’s most profitable company, despite a steep drop of its profitability caused by lower oil prices and one-off costs. OMV Petrom had an individual gross profit of some EUR 572 million, reports local Capital.ro.

On the other hand, both Romgaz and Hidroelectrica had record profits. Romgaz grossed EUR 400 million while Hidroelectrica had a profit before taxes of EUR 254 million. Romgaz’ bottom line was boosted by higher gas prices, while Hidroelectrica, still under insolvency, managed to reduce costs and make the most out of its growing electricity output.

Romanian investment fund Fondul Proprietatea made the fourth highest profit (EUR 232 million) while automotive producer Continental Automotive Products came fifth, with more than EUR 160 million.

Gas transporter Transgaz, Raiffeisen Bank, The National Highways Company, telecom operator Orange Romania and Banca Transilvania completed the top 10 highest profits.

editor@romania-insider.com