February 25 (SeeNews) - Romanian natural gas producer Romgaz [BSE:SNG] said on Thursday that its net profit rose 15% year-on-year in 2020 to 1.254 billion lei ($312 million/257 million euro).
The company's revenue decreased by 20% to 4.07 billion lei in 2020, Romgaz said in a statement filed with the Bucharest Stock Exchange, BVB.
Revenues from natural gas sales fell by 25%, while revenues from underground gas storage operations rose by 13% on the year in 2020. The revenue from electricity sales increased by 30% in 2020.
In 2020, Romgaz produced 4.519 billion cu m of natural gas, down 14% on the year, whereas electricity production almost doubled on the year, reaching 937 GWh.
Depreciation, amortization and impairment expenses decreased by an annual 65% to 477 million lei in 2020. Other expenses fell by an annual 26% to 1.15 billion lei due to a drop in petroleum royalty and windfall tax.
Exploration expenses surged to 155 million lei in 2020 from 25 million lei in 2019, mostly due to costs of wells that were written off and due to a higher cost for seismic works. In 2020 the cost of decommissioned investments was of 130.67 million lei, compared to 23.1 million in 2019.
In 2020, Romgaz invested a total of 637.25 million lei, representing 71% of the investment budget.
Romgaz employed 6,188 at the end of 2020, compared to 6,251 a year earlier.
The majority shareholder of Romgaz is the Romanian state with a 70% stake, with the balance of 30% in free float on the BVB.
Shares in Romgaz traded 2.22% higher at 32.25 lei lei by 1229 CET on Thursday on the BVB.
(1 euro=4.8725 Romanian lei)
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