Romgaz Group reports net profit of 1.83 billion RON, up 8.99 percent in first half

Romgaz Group keeps high operational and financial performances in the first six months of 2024 (H1 2024). Net consolidated profit recorded by Romgaz Group in H1 2024 was RON 1,837.21 million, 8.99 percent higher as compared to H1 2023, namely RON 151.57 million. Compared to Q2 2023, net profit decreased by 17.29 percent and compared to Q1 2024 it decreased by 52.47 percent.

National gas consumption recorded an increase of roughly 1 percent for the first 6 months of 2024 as compared to the similar period of last year, while Romgaz deliveries decreased by 4.6 percent. Therefore, Romgaz market share is 45.31 percent, by 2.5 percent lower than the share held in the similar period of last year.

Natural gas production for the first half of 2024, was 2,486.9 million m3 , indicating a 4.34 percent production increase related to the production recorded in H1 2023.

Romgaz electricity production reached 450.769 GWh, lower by 46.810 GWh than the production recorded in the similar period of 2023 (-9.41 percent). With this production Romgaz holds a market share of 1.68 percent.

Summary of the Group’s main indicators for H1 2024:

– Natural gas production for H1 2024 increased by 4.3 percent as compared to the similar period of 2023;

– Total income decreased by RON 1,013.4 million in H1 2024, recording a drop of 19.38 percent due to the following factors:

• Decrease of revenue from natural gas sales (RON 3,250.23 million in H1 2024 as compared to RON 4,283.68 million in H1 2023), mainly due to a drop in prices. Gas quantities delivered in H1 2024 were by 4.2 percent lower than in H1 2023. Compared to Q1 2024, Q2 recorded lower gas deliveries by 14.29 percent while revenue from gas sales were lower by 31.11 percent. As of April 1, 2024 gas prices sold under Government Emergency Ordinance No.27/2022 dropped by 20 percent, from 150 RON/MWh to 120 RON/MWh. Of the total delivered quantity, deliveries made under GEO No. 27/2022 represent 65.11 percent;
• Revenue from electricity sales also recorded a decrease (RON 180.27 million in H1 2024 as compared to RON 200.40 million in H1 2023) caused by low sale prices. According to GEO No. 27/2022 sale prices decreased by 11.1 percent, from 450 RON/MWh to 400 RON/MWh;
• Revenue from storage services decreased by 3.7 percent (RON 276.65 million in H1 2024 as compared to RON 287.29 million in H1 2023), mainly following a decrease of income from capacity booking and of income from injection services. In 2024-2025 storage cycle (started on April 1, 2024) the storage tariff decreased by 1.74 percent.