Romgaz, a Romanian natural gas producer and supplier, recorded a 22.2% increase in gas production to 5,158 million cm in 2017, stimulated by lower temperatures at the start of the year and the increase of gas demand for electricity generation.
The company's net profit surged by 82.4% from the previous year.
Net profit in the fourth quarter was 120% higher at RON684.22 million, helped by the completion of a fiscal inspection, which led to recording an income and a receivable from the state budget of RON244.38 million.
The net profit margin in Q4 was 50.9% and the EBIT margin was at 58.8%, much higher than the values recorded in Q4 2016 and Q3 2017.
Revenue from natural gas storage activities has increased by 46.44% to RON505.76 million.
Revenue from electricity sales was RON464.17 million, an increase of 38%.