OMV Petrom (BVB: SNP) announced that its net profit fell by 6% y/y in the first quarter (Q1) of the year, to RON 1.39 billion (EUR 280 million) as its revenue from sales dropped by 10% y/y to RON 8.54 billion.

Consolidated sales revenues were negatively impacted by lower prices for natural gas and electricity, as well as lower sales volumes of natural gas, partially offset by higher sales volumes of electricity and refined products, the company’s report reads.

The company’s total hydrocarbon production decreased by 3% in the first three months of the year to 10.16 million barrels of oil equivalent (boes).

In Q1/24, OMV Petrom’s total gas sales volumes were 4% lower yoy, at 12.6 TWh, with higher end users sales and Brazi power plant offtake and lower volumes sold to wholesalers. In the same period, the Brazi power plant generated an excellent net electrical output, reaching 1.6 TWh (1.0 TWh in Q1/23), a record high level for the first quarter, covering 10% of Romania’s generation mix.

The company’s market capitalization reached RON 43 billion (EUR 8.6 billion) after its shares rose by 42% y/y – compared to the 39% y/y advance of the blue chips’ index BET.

iulian@romania-insider.com

(Photo source: Flickr/OMV Petrom)