The Romanian natural gas group Romgaz (BVB: SNG) announced that it obtained a net profit of almost RON 2.3 billion (EUR 460 million) in the first nine months of this year, 4.8% more compared to last year, according to a note sent to investors.

The company's total revenues dropped by 16.3% y/y to RON 6.13 billion, particularly on the natural gas side, where the supplies contracted by 4.5% y/y and the price plunged, resulting in a 21.3% lower turnover (RON 4.65 billion).

Romgaz's market capitalization reached RON 21.6 billion (EUR 4.3 billion) after the price of its shares rose by 14.5% y/y. The company distributed dividends from last year's profit, resulting in a 2.6% yield.

Romgaz produced 3.67 billion cubic metres of natural gas in the period, 4.5% more than in the same period of 2023.

The natural gas production increased, driven by the completion of the investment works for the expansion of the productive infrastructure, which allowed the production of 7 new wells, reactivating a significant number of wells through specific investment works in the wells and optimising the exploitation of wells with the highest productive potential.

Romgaz's total deliveries on the domestic market (4.5% down y/y) represented 51.6% of the estimated national consumption of 70.4TWh (+1.4% y/y), 3.3% less than in the same period last year. At the same time, deliveries of natural gas from domestic production to the Romanian market by Romgaz represented 64.3% of the national consumption covered by gas from domestic production.

The estimated national gas consumption for the reporting period was 70.41 TWh, approximately 1.7% higher than that recorded in the similar period from 2023, of which approx. 13.87 TWh was covered with imported gas and the difference of 56.54 TWh with domestic gas.

Romgaz also produced 729,675 GWh of electricity, 13.75% more compared to the same period last year.

iulian@romania-insider.com

(Photo source: Facebook/Romgaz)