“The IDR of Transgaz mainly reflects its solid business profile as a concessionaire and operator of the gas transmission network in Romania as well as our expectation of a progressive contraction of its international gas transit business derived from traditional routes. The rating is supported by the country’s regulation for gas transmission and our expectation that a significant current investment related to the Bulgaria-Romania-Hungary-Austria corridor (BRUA) will be added to Transgaz’ regulated asset base (RAB), supporting future earnings,” the agency said in a report.
Transgaz ended the first quarter of 2020 with a net profit of RON201.8 million, up 5% on the year, and revenue of RON513 million, up 8% on the year.
End-April 2020, the company’s shareholders approved the distribution of dividends totaling RON182.1 million from its 2019 profit, respectively, a gross dividend of RON15.47 per share, per a stock market report. The company will start paying dividends on July 17, 2020.
Transgaz is 58.5% held by the Romanian State.
Transgaz shares have been trading down 19.7% since the start of 2020, amid deals worth RON127 million, securing the company a market value of RON3.4 billion.