Romania, Romgaz recorded 33 % higher profit in 2022

Romanian state-owned natural gas Romgaz recorded a net profit in the amount of 517 million euros in 2022, which is 33 % higher compared to the previous year.

The company’s total revenues increased by 129 % year-on-year in 2022, reaching 2.72 billion euros, while its earnings before interest, taxes, depreciation and amortization (EBITDA) increased by 26.5 % and amounted to 716 million euros.

In 2022, Romgaz produced a total of 4.935 billion cubic meters of natural gas, which is a drop of 1.84 $ compared to 2021, while electricity generation increased by 73.5 % to 1.11 TWh.

However, in the fourth quarter alone, the company recorded a net profit of 62.4 million euros, which is 60 % lower compared to the same quarter in 2021.

Romgaz expects to pay around 202 million euros as solidarity tax, which accounts for 60 % of the profit achieved in 2022, above 120 % of the average profit reported in the previous four years.

At the end of February 2023, Romgaz’ market capitalization stood at 3.2 billion euros.