January 18 (SeeNews) - Romanian natural gas producer Romgaz [BSE: SNG] said it expects to book a gross profit of 2.6 billion lei ($572 million/ 527 million euro) this year, down 14% on 2022.
The profit distribution rate for dividends will be 50% this year, while the undistributed balance will be allocated to own development sources, Romgaz said in its 2023 budget draft published on Tuesday. The draft will be put to the vote of shareholders on February 23.
The company also estimates that it will obtain 10.5 billion lei in revenues in 2023, down 25% on the year. Romgaz expects to pay a 906 million lei solidarity tax on 2022 windfall profits. Total operating expenses are expected to reach 10.77 billion lei in 2023, of which some 8.1 billion lei will be taxes and duties.
The company plans to invest 2.3 billion lei this year in projects that aim to increase its reserves and resources portfolio and to offset the natural decline of gas production and electricity generation assets, according to the document.
In December, the government approved an emergency decree enforcing a solidarity contribution equal to 60% of taxable profits of oil and gas producers and oil refining companies that exceed by more than 20% the average profits recorded in the 2018-2021 period, aligning Romanian legislation with a EU regulation.
Shares in Romgaz traded 0.50% higher at 39.9 lei as at 1349 CET on Wednesday on the Bucharest Stock Exchange.
(1 euro=4.9355 Romanian lei)
SNGN Romgaz SA is among the biggest companies in SEE, for more reference take a look at Top 100 companies