August 12 (SeeNews) - Romanian natural gas producer Romgaz Group said on Friday that its net profit soared 126% year-on-year in the first half of 2022, reaching 1.726 billion lei ($363 million/ 352 million euro), mainly due to higher gas and electricity prices.
The group's total revenue surged by 233% on the year to 7.5 billion lei during January-June, Romgaz said in a statement filed with the Bucharest Stock Exchange, BVB.
Romgaz produced 2.515 billion cu m of natural gas in the first half of 2022, down 0.2% on the year, whereas electricity production increased by 168% to 544.7 GWh.
Natural gas consumption estimated at national level for the first six months of 2022 totalled about 63 TWh, 13% lower on the year.
Romgaz Group had earmarked 395 million lei for investments in 2022, of which it has used 217 million lei, excluding the acquisition of Exxon Mobil's 50% stake in the Black Sea offshore project Neptun Deep for $1.06 billion (1.02 billion euro). The deal was completed on August 1.
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 5,863 employees.
In 2021, the group's net profit rose 52% year-on-year, reaching 1.897 billion lei.
Shares in Romgaz traded 0.20% lower at 48.9 lei as at 1237CET on Friday on the BVB.
(1 euro=4.8909 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