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Romania's Romgaz Group net profit more than doubles y/y in H1

Romania's Romgaz Group net profit more than doubles y/y in H1 Author: Romgaz. License: All rights reserved.

BUCHAREST (Romania), 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, for more reference take a look at Top 100 companies