November 15 (SeeNews) - Romanian natural gas producer Romgaz Group said on Tuesday that its net profit soared 93.5% year-on-year in the first nine months of 2022, reaching 2.237 billion lei ($470 million/ 456 million euro), mainly due to higher gas and electricity prices.
The group's total revenue surged by 209% on the year to 10.81 billion lei during January-September, Romgaz said in a statement filed with the Bucharest Stock Exchange, BVB.
Romgaz produced 3.687 billion cu m of natural gas in the first nine months of 2022, down 0.5% on the year, whereas electricity production increased by an annual 97 % to 839.46 GWh.
Natural gas consumption estimated at national level for the first nine months of 2022 totalled about 78.34 TWh, 14% lower on the year.
Romgaz Group had earmarked 5.72 billion lei for investments in 2022, and managed to implement projects worth a total 5.46 billion lei during the first nine months of 2022, including the acquisition of Exxon Mobil's 50% stake in the Black Sea offshore project Neptun Deep for $1.06 billion (1.03 billion euro). The deal was completed on August 1.
Investments were financed exclusively from own sources and from attracted sources, namely credits granted by Raiffeisen and BCR banks for the payment of shares issued by Exxon.
Romgaz Group consists of parent company Romgaz [BSE:SNG] and Depogaz - a subsidiary 100% owned by Romgaz, and its associates Depomures and SC Agri LNG Project Company. As of end-June, Romgaz Group had 5,909 employees.
In 2021, the group's net profit rose 52% year-on-year, reaching 1.897 billion lei.
Shares in Romgaz traded 2.27% lower at 40.95 lei as at 0941CET on Tuesday on the BVB.
(1 euro=4.8982 Romanian lei)
SNGN Romgaz SA is among the biggest companies in SEE. You can download our SEE Top 100 ranking
here or subscribe to our free Top 100 newsletter
here