Its turnover increased 35% on the year, to RON4.5 billion, the company said in its preliminary earnings report. It said turnover growth was driven by higher revenues from sales of natural gas (+32.6%), higher revenues from sales of electricity (+38%), and higher revenues from gas storage services (+46.44%).
Romgaz produced 5.158 billion cubic meters of gas in 2017, 22.2% higher than in 2016, driven by warm temperatures at the beginning of the year and higher demand for gas for the production of electricity.
Romgaz reported a 14.5% rise in electricity produced in 2017, due to low production generated by hydro and wind power plants, a prolonged heatwave, the repair and maintenance schedules of some thermal energy groups, and the unavailability of thermal or nuclear production units.
The company’s net profit margin was 40.75% and its EBIT margin was 47.43% in 2017, compared with 30% and 36.9%, respectively, in 2016. It added its EBITDA remains at a significant level of 59.4% related to the revenue.
Romgaz invested RON781.77 million in 2017, 57.07% more than in 2016, and its own gas supplies were 32.7% higher in 2017 compared with 2016.
Romgaz is 70% owned by the Romanian state, via the Ministry of Energy.