PGNiG: fast revenue growth and solid net profit in H1 2021

After the first six months of 2021, the PGNiG Group earned revenue of almost PLN 25 bln, EBITDA of nearly PLN 5.2 bln, and a net profit in excess of PLN 2.4 bln. Gas sales volumes rose 8% year on year, to 18.2 bcm.

“The results delivered in the first half of 2021 confirm the PGNiG Group’s robust financial and operational condition. The increase in gas sales was not only driven by the cold winter and higher consumption of gas for heating purposes, but also by the clear signs of economic recovery seen in the second quarter of the year. We expect that Poland’s energy transition will further increase demand for gas,’ said Paweł Majewski, President of the Management Board of PGNiG SA.

In the first six months of the year, the PGNiG Group posted PLN 24.99 bln in revenue, up 19% year on year. Operating expenses rose 61% year on year, to PLN 21.57 bln, mainly on the back of a steep increase in the cost of gas due to record-high gas prices in international markets. EBITDA contracted by 44%, to PLN 5.2bn, with EBIT down 55%, to PLN 3.42bn. The Group generated a net profit of PLN 2.43 bln, 59% less than the year before.

The year-on-year decrease in EBITDA and EBIT follows from the recognition in the results for the first half of 2020 of the refund by Gazprom of the overpayment for gas supplies as a result of the arbitration dispute resolved in favour of PGNiG. Net of the effect of the refund on the results for the first half of 2020, the Group’s EBITDA and EBIT would improve year on year by 17% and 25%, respectively. Operating expenses grew at a slower rate too, having increased 18% year on year.

15:55 / 2 September 2021

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