OMV Petrom Group reported in the first nine months a net profit of 1.68 billion lei, 103% higher than in the same period last year, and sales revenues of 17.05 billion lei, increasing by 13%, given that the demand for energy products was generally above pre-COVID levels in Romania.

The CCS (current cost of supply based) operating result stood at 2.8 billion lei, 56% higher than in January-September 2020, but below the pre-crisis level.

Also, the value of investments is decreasing by 23%, reaching 1.8 billion lei. Instead, the contribution to the state budget stood at 8.7 billion lei in 9 months, 20% higher than last year, according to Agerpres.

The net increase in current assets (including assets held for sale) was largely generated by higher cash and cash equivalents, higher trade receivables due to higher sales in Downstream Oil, a higher value of inventories, as a consequence of the increase in unit cost in line with quotations, and increasing financial assets, mainly in relation to derivatives, partially offset by assets held for sale, smaller as a result of the sale of subsidiaries in Kazakhstan in May 2021.

Compared to December 31, 2020, fixed assets decreased on September 30, 2021 by 1.16 billion lei, to the value of 33.35 billion lei, mainly due to the decrease in property, plant and equipment, as depreciation, net impairment adjustments and decrease in property, plant and equipment decommissioning after the review exceeded the entries during the period.

Equity decreased slightly, to 33.03 billion lei on September 30, 2021, compared to 33.07 billion lei on December 31, 2020, as the dividends distributed for the financial year 2020 exceeded the net profit generated in the current period. The Group’s total equity ratio to total assets was of 68% as of September 30, 2021 (69% as of December 31, 2020).