Romania: Romgaz’ dividend payout approved

, SEE Energy News

Romanian state is the largest shareholder in Romgaz with 70 % stake.

The shareholders of Romanian natural gas producer Romgaz has approved the distribution of some 140 million euros as dividends from last year’s net profit and retained earnings from previous years.

The dividend payout ratio is not much higher than 50 %, which leaves resources in the company’s reserves account in the view of ambitious investments related to Neptun Deep offshore project, among others. The gross dividend of 0.37 euros/share represents a yield of 5.5 % based on the current share value. Romgaz recorded a net profit in the amount of 257 million euros in 2020, which is a 15 % year-on-year increase. The company’s revenues decreased by 20 % to 835 million euros in 2020. Revenues from natural gas sales dropped by 25 %, while revenues from underground gas storage operations rose by 13 %, as well as revenues from electricity sales, which increased by 30 % in 2020. In 2020, Romgaz produced 4.519 billion cubic meters of natural gas, which is 14 % less than in 2019. On the other hand, electricity production almost doubled in 2020, reaching 937 GWh.