Romgaz grows prelim net profit 10.4% in 2023

The group's consolidated revenue shrank by 32.6% year-on-year to 9 billion lei in 2023, Romgaz said in a preliminary annual financial report filed with the Bucharest Stock Exchange.

Consolidated gross profit jumped by an annual 22% to 5.068 billion lei last year. The growth was partly offset by the solidarity contribution introduced in 2022. The contribution in 2023 amounted to 1.687 billion lei, increasing by 684.6 million lei compared to 2022.

Romgaz produced an estimated 4.788 cu m of natural gas in 2023, down 3% compared to the previous year. Electricity production declined by 13.3% to 962.6 GWh.

The group's earnings before interest, taxes, depreciation, and amortisation (EBITDA) grew by 18.6% in annual terms in 2023, reaching 5.374 billion lei.

Total assets increased by 13.5% on the year to 16.257 billion lei, while total liabilities went up by 10.5% to 4.695 billion lei.

Romgaz Group consists of parent company Romgaz and its subsidiaries Depogaz Ploiesti and Romgaz Black Sea Limited. As of end-2023, Romgaz Group had 5,980 employees.

Blue-chip Romgaz's shares traded 0.59% higher at 50.8 lei as at 1213 CET on Wednesday on the Bucharest bourse.

(1 euro=4.97 lei)