Transgaz published their H1 2020 report yesterday, showing a 2% YoY decrease in sales, an 11% YoY increase in EBITDA and an 18% YoY increase in net profit which amounted to RON 231m.

In H1 2020 Transgaz posted sales in the amount of RON 759m, representing a 2% YoY decrease.  Most of the revenues from operating activities were realized from transport and amounted to RON 677.8m (+16.4% YoY). Meanwhile revenue from international transmission activity decreased by 65% YoY. In H1 2020, the company circulated 6.5bn cubic meters of gas, 5% less than in H1 2019 and transported 6.5bn cubic meters of gas, down 5%. The main beneficiaries of the natural gas transmission service in the first half of 2020 were ENGIE Romania (19.6%), OMV Petrom (16.6%), AIK Energy Romania (11.3%) and Romgaz (11.3%).

EBITDA is up 11% YoY, amounting to RON 346.8m. The reason behind the increase in EBITDA are lower operating expenses which fell 7.7% YoY.

Below the operating line, Transgaz’s net financial result doubled to RON 35.2m (from RON 16.8m). This was due to the fact that the value of the assets recognised in the Regulated Asset Base is adjusted to the inflation. As a result, the company recalculated the value of the Concession Agreement receivables and recognized gains amounting to RON 27.7m.

Finally, the bottom line went up 18% YoY, amounting to RON 231.2m.