Romanian state-controlled gas producer Romgaz (BVB: SNG) reported a net profit of RON 3.22 bln (EUR 647 mln) in 2024, up 14.5% compared with the previous year.

The company’s revenues went down by 11.9% to RON 7.93 bln (EUR 1.6 bln) because of lower gas prices and lower revenues from electricity sales. The operating expenses increased by 8.7% year-on-year, to RON 4.95 bln.

However, Romgaz benefited from the cancellation of the solidarity contribution starting with 2024, which had a significant positive influence on its bottom line.

The company’s shares were trading 1% higher on Friday, February 28, after the preliminary results were made public. Since the beginning of this year, the SNG shares have gained 16.5% compared with a 5.5% increase for the BET index.

editor@romania-insider.com

(Photo source: the company)