May 19 (SeeNews) - Bulgarian state-owned gas supplier Bulgargaz said that it turned to a net profit of 34.4 million levs ($19.3 million/17.6 million euro) in 2019 from a net loss of 32 million levs the year before, backed by higher revenue.
Bulgargaz grew its revenue by 7.74% to 1.4 billion levs in 2019, mostly due to the higher sale price of natural gas, the company said in an annual financial statement.
The company delivered 29,204,084 MWh of natural gas last year, down by 9.36%. The decrease was mostly due to lower consumption in the last quarter of 2019.
In terms of sectors, the decrease in consumption can mostly be attributed to clients from the glass and electricity production and distribution industries.
Operating expenses rose 2.68% to 1.36 billion levs last year, as the cost of natural gas sold added 6.3% to 1.35 billion levs.
Bulgargaz employed 53 people at the end of 2019, one less compared with a year earlier.
Earlier this year, Bulgargaz negotiated a 40.3% cut in the price of Russian natural gas imports, backdated to August 5, 2019. The company is now due to compensate its clients for the higher price paid by them during that period.
(1 euro = 1.95583 levs)
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