Romania: Decreased profit at Romgaz in first half of 2020

, SEE Energy News

In the first half of 2020, Romanian natural gas producer Romgaz produced 2.2 billion cubic meters of natural gas, which is 16.8 % less compared to 2019, while electricity production rose by 72 % to 295.23 GWh. Romgaz recorded a net profit in the amount of 165.5 million euros in the first half of 2020, which is by 17.9 % lower compared to the same period last year.

The company’s revenues decreased by 23.7% year-on-year to 452.3 million euros in the first six months of 2020. Revenues from natural gas sales fell by an annual 28.7 %, while revenues from underground gas storage operations rose by 46 %. Revenues from electricity sales increased by 15 % compared to the first half of 2019.

Depreciation, amortization and impairment expenses dropped by 25 % to 56 million euros in the first half of 2020, due to lower expenses from impairment of fixed assets and exploration assets, while other expenses fell by 34.1 % to 117.5 million euros, due to a drop in royalties and windfall tax.

In the first half of 2020, Romgaz invested 65.5 million euros, representing 58 % of total investment planned for this year.