The Romgaz Group posted a net profit of 1.69 billion lei, after the first half of this year, down 2.34% compared to the same period last year, according to the financial results submitted to the Bucharest Stock Exchange on Friday.

Consolidated net profit per share (EPS) was 4.4 lei.

The group’s total revenues decreased by 32.6% in the first six months, to 5.13 billion lei. The evolution of revenues was determined by the decrease in the turnover from the sale of natural gas (4.28 billion lei in SI 2023 compared to 6.69 billion lei in SI 2022) and the delivered quantity, which decreased by 5.5%.

“An important effect in the decrease by 36.01% of the turnover from the sale of natural gas was the obligation imposed by GEO no. 27/2022 by which Romgaz was forced to sell most of the production at a regulated price of 150 lei /MWh (86.16% of SI 2023 deliveries – 21.22

TWh were at the regulated price, compared to SI 2022, when only 4.23% of deliveries – 1.10 TWh were at the regulated price),” said the company, according to Agerpres.

Also, the turnover from the sale of electricity registered a decrease to 200.4 million lei in SI 2023, compared to 498.58 million lei in SI 2022.

In this context, the company recalls that, starting this year, it is forced to sell almost all the electricity produced at the price of 450 lei/MWh, according to the provisions of GEO no. 27/2022.

Romgaz’s total expenses decreased in SI 2023 by 61.76%, to 2.12 billion lei, mainly due to the reduction of the tax on additional revenues related to natural gas (-2.96 billion lei) and royalty expenses (-627.05 million lei).

According to the company, the increase in consolidated gross profit by 46.10% compared to the level recorded in SI 2022 was canceled by the profit tax. The profit tax includes the solidarity contribution introduced at the end of 2022, in SI 2023 registering an expense with this contribution of 970.92 million lei.