Romanian Romgaz proposes distribution of gross dividends of 0.33 euros for 2019

Romanian natural gas producer Romgaz recorded a net profit in the amount of 298 million euros, which is by 4.55 % higher compared to the previous year. Romgaz announced that its shareholders will vote on the distribution of gross dividends in the amount of 0.33 euros per share from 2019 net profit at the next general meeting scheduled for 22 April.
According to the proposal, the amount of 0.28 euros/share is related to last year’s profit, while the remaining 0.05 euros/share represents retained earnings from previous years. In total, Romgaz plans to distribute almost 110 million euros in dividends.
The company’s revenues increased by 1.52 % in 2019 to 1.05 billion euros, following an increase of sales of gas from both domestic production and from gas purchased for resale. The increase also results from a 4.4 % rise of revenues from sales of gas produced by Romgaz and of gas purchased for resale, as well as gas from joint ventures, an increase by 11 % of revenues from storage services and an increase by 115.7 % of revenues from gas condensate sales. According to Romgaz’ data, Romania’s natural gas consumption dropped by 8.7 % in 2019. This managed to offset a decreased revenues from electricity sales by 50.95 %. Electricity sales decreased as production decreased by an annual 49.4 % due to investment works carried out at an power plants. Romanian state is the largest shareholder in the company, with 70 % stake.