According to the latest information available, the revenue in the first half stood at almost 2.2 billion lei (close to EUR500 million), up 10% on the same period in 2011.
If its revenue keeps increasing at the same pace, Romgaz should join the ranks of companies with more than one billion euros in revenue in 2012.
Last year, there were only 11 companies in this “club,” according to Finance Ministry data, including OMV Petrom (SNP.RO), Rompetrol, Kaufland or ArcelorMittal Galati.
Romgaz’s website also shows the company posted a net profit of RON557.7 million in the first half, 14% higher than in the year-ago period.
Romgaz’s revenue could see significant growth as the company plans to become an electricity producer.
It has already called a general meeting of shareholders for November 27, during which it will discuss establishment of a branch in Iernut, Mures County (central Romania). The company took over the Iernut thermal power plant this summer as debt settlement by power producer Termoelectrica.
According to the latest information available, Romgaz plans to find partners to upgrade the generators of the Iernut plant and build new ones.
It might speed up implementation of its plans to enter the electricity market to take advantage of the incentive granted by the government to natural gas producers via a emergency ordinance published at the beginning of September.
Natural gas producers do not have to use a mix of imported and domestically produced gas if they use the gas to generate electricity. Otherwise, every consumer in Romania is required to use a mix of both domestically produced gas, which is cheaper, and gas imported from Russia, which is more expensive.
Petrom already benefits from this incentive, as it started electricity generation at its plant in Brazi this August, after a EUR530 million investment.
(English version by Loredana Fratila-Cristescu)