Romgaz 2021 preliminary net profit up 52 percent from previous year

The National Gas Company Romgaz SA posted a preliminary net profit of 1.90 billion RON for 2021, up 52 percent from the previous year, and a turnover of 5.85 billion RON, by 43.63 percent higher than the year before, shows the Preliminary Consolidated Annual Report sent on Friday to the Bucharest Stock Exchange, Agerpres reports.

"The increase in turnover is the result of the 52.41 percent increase in revenues from the sale of natural gas (both from the company's own production and of volumes purchased for resale), and of the 69.9 percent increase in revenues from the sale of electricity. On the other hand, the consolidated revenues from storage services decreased by 30.64 percent," the company release states.

The estimated natural gas production for 2021 was about 5.029 billion cubic meters, by 508.8 million cubic meters higher than the output of 2020 (+11.3 percent).

Romgaz Group consists of parent company SNGN Romgaz SA, the Natural Gas Storage Subsidiary Depogaz Ploiesti SRL ("Depogaz"), 100 percent owned by Romgaz, and the associates SC Depomures SA (40 percent of the share capital) and SC Agri LNG Project Company SRL (25 percent of the share capital).

The National Gas Company Romgaz SA is Romania's largest gas producer and supplier, the main segments of the Group's activity being gas exploration, production and supply, gas storage and the production of electricity.