PGNiG net profit rising with increased gas sales

PGNiG net profit rising with increased gas salesImage courtesy of PGNiG

Poland’s state-owned gas company PGNiG reported a net profit of 2.5 billion Polish zloty ($688.4 million) for the first nine months of the year. 

Compared to the corresponding period in 2016, this represents a 51 percent increase, PGNiG said in its quarterly report.

Net profit for the third quarter was at 367 million zloty, 3 percent up on the 375 million zloty recorded in the corresponding quarter of 2016.

“The improved performance has been delivered thanks to the consistent pursuit of the Group’s strategy embarked upon earlier this year. We are diversifying the sources of gas supplies and engaging in projects of strategic importance for the country’s energy security, while generating higher revenues and profits,” said Piotr Woźniak, president of the management board of PGNiG SA.

Liquefied natural gas has seen its stake in Poland’s gas import structure increase as it represented 14 percent of the country’s total imports in the third quarter of 2017, compared to 13 percent a year ago.

Woźniak noted that gas sales are rising with the growth in the economy as Poland saw the gas market volume in the third quarter increased by 300 million cubic meters year on year.

Gas sales during the quarter reached 4.6 billion cubic meters, compared to 4.25 bcm in the third quarter 2016. PGNiG’s gas sales for the year so far reached 18.8 bcm.

PGNiG’s gas imports during the first nine months of 2017 totaled 10 billion cubic meters with LNG volumes reaching 1.33 billion. The company imported 470 million cubic meters of LNG during the third quarter.

PGNiG is in charge of all the LNG supplies coming to country’s import terminal in Świnoujście operated by Gaz-System’s unit Polskie LNG.

 

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Posted on November 13, 2017 with tags .

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