The net profit of Romanian natural gas company Romgaz (BVB: SNG) decreased by less than 1% y/y to RON 970 mln (EUR 200 mln) in Q1, although its gas output dropped by more than 5% and the electricity production by over 6% y/y.

Furthermore, Romgaz Group recorded a revenue of RON 2.9 bln, a decrease of 25.9% y/y. However, the expenses plunged by 56% y/y to RON 1.2 bln, and the profitability was preserved.

Natural gas production recorded in Q1 2023 was 1.24 bln cubic meters, 0.73% higher than planned. Compared to the natural gas production of Q1 2022, the production recorded in Q1 2023 dropped by 5.4%.

The amount of electricity produced was 323.04 GWh in Q1 2023, 6.46% lower than production in the same period of last year (345.337 GWh).

iulian@romania-insider.com

(Photo source: Facebook/Romgaz)