Energy group OMV Petrom (SNP) reported for 2021 a net income attributable to stockholders 122% larger than in 2020, namely RON 2.86 bln (EUR 578 mln). This is still 21% behind the earnings reported in 2019, the last year before the crisis.

The company's management proposed a dividend of RON 0.0341/share for the 2021 financial year, which is a 10% year on year increase, at the high end of the 5-10% range stated in the dividend guidance. The dividend would result in a dividend yield of 7% based on the current price of SNP shares.

The dividend yield delivered by OMV Petrom to investors was 6.55 % in 2021 (paid out of 2020 FY profit), 8.49% in 2020 and 7.11% in 2019.

Group's sales revenues in 2021 rose by nearly one-third YoY (+32%) to just over RON 26.0 bln (EUR 5.25 bln), which is only a mere 2.6% above the 2019 revenues. Petrom's sales revenue in 2021 were indeed the highest since 2012 - when the company reported RON 26.2 bln (EUR 5.87 bln) and a net profit of RON 4 bln (EUR 900 mln).

Operationally, OMV Petrom's total hydrocarbon production plunged by 11% YoY in 2021, after the 5% YoY contraction in 2020, to 129.4 kboe/d in 2021 from 151.6 kboe/d in 2019. The production decreased mainly due to the divestment of production assets from Kazakhstan in Q2/21 and a high natural decline in the main fields in Romania.

In downstream, the refineries returned to 97% utilisation rate (4.97 mln tonnes crude refined) - the same as in 2019 before the crisis - after temporarily dropping to 92% in 2020. Besides the stronger demand, the technical outage of rival refinery Rompetrol Rafinare helped this.

But the amounts of gas sold dropped in line with the group's output (-14% in 2021).

The electricity generation gained momentum on favourable market conditions to 4.79TWh (+15% YoY) from 3.40TWh in 2019. The power generation reached 1.17 TWh in Q4/20, representing 11% in Romania's generation mix, the highest production share so far. 

iulian@romania-insider.com

(Photo source: Flickr/OMV Petrom)