The company’s turnover rose 9.8% to RON1.49 billion in January-March 2017, up 48.22% compared with the fourth quarter of 2016. The advance is due to an increase in revenue from sales of production gas by 44.67% (RON344.8 million), an increase in natural gas acquired for resale by 3,072.02% (RON37.7 million), an increase in revenue from natural gas storage activities by 71.08% (RON58.7 million) and an increase of 32.39% (RON46.9 million) in revenue from sale of electricity.
The company’s net profit surged 82.0% in the first three months of 2017, compared with the previous quarter, its earnings before interest and taxes (EBIT) sored 86.9% and its earnings before interest, taxes, depreciation, and amortization (EBITDA) surged 187%. Romgaz’s first-quarter results are superior to the same period a year before, the company also said in its financial report.
The natural gas production reached 1,333 million cubic meters in January-March 2017, 12.5% higher than the level registered in the previous quarter and 3% lower than the level registered in the same period a year before. These results were obtained in the context in which natural gas imports saw a significant increase in the first quarter of 2017, as Romania imported a quantity of 675.5 million cubic meters of natural gas, 460% more than in the same period in 2016.
According to Romgaz, the natural gas consumption estimated countywide for the first quarter of 2017 reached 50.3 TWh, of which nearly 7.3 TWh was covered by imported natural gas, and the difference of 43 TWh was covered by domestic natural gas, with Romgaz contributing 19.26 TWh, which represents 38.3% of national consumption and 44.8% of consumption covered by domestic natural gas.
In 2016, Romgaz reported a 15.8% lower turnover of RON3.4 billion, and a 14.2% lower net profit of RON1.02 billion.