The turnover slump comes amid the 31.31% lower revenues from the sale of natural gas, and the 69.41% falling revenues from the sale of electricity.
According to the company, a major factor in its revenue decline was the obligation enforced by GEO No. 27/2022 via which Romgaz sold most of gas production at the regulated price of RON150/MWh and electricity production at the price of RON450/MWh.
However, revenue from underground storage activities increased by 17.66% (RON552.19 million in 2023, as compared to RON469.33 million in 2022), mainly due to the increase of capacities booked by clients for underground gas storage.
Total expenses decreased by 54.77% as compared to last year. The group had a RON5.3 billion EBITDA, up 18%.
Achieved net consolidated profit margins (31.24%), consolidated EBIT (54.41%) and EBITDA (59.70%) strengthened as compared to 2022 (19.06%; 29.81% and 33.93% respectively). The increase is due to lower royalty expenses (RON600.52 million in 2023 as compared to RON1,640.08 million in 2022) and to lower expense with the windfall tax from gas sales (RON889.80 million in 2023 as compared to RON4,903.85 million in 2022), as a result of enforcing provisions of GEO No. 27/2022.
At the end of 2023, Romgaz had 5,980 employees.
The company is 70% held by the Romanian state and has a RON19.4 billion capitalization. Its shares have gained 0.8% since the start of 2024.
(English version by Catalina Apostoiu)