Preliminary Q4 2024 Societatea Nationala de Gaze Naturale Romgaz SA Earnings Call Transcript
Key Points
- SNGN Romgaz SA (FRA:RZ8G) reported a historical annual net profit of RON3.22 billion, a 14.5% increase from 2023.
- The company achieved a 3.6% increase in natural gas production, reaching 4.96 bcm in 2024.
- Revenues from storage services advanced by 3.3% year on year, with withdrawal revenues recording a 59% growth rate.
- The Neptun Deep project showed exceptional progress with major execution contracts awarded and 90% of the budget committed.
- SNGN Romgaz SA successfully issued its inaugural bond under the EMTN program, raising EUR500 million with strong investor demand.
- Total revenues for 2024 decreased by 12% to RON7.93 billion compared to the previous year.
- The average selling price of gas declined, leading to a 15.2% reduction in total revenues from gas sold.
- Electricity production decreased by 8.6% in 2024, contributing to a 7.7% decline in revenues from electricity.
- The windfall tax increased significantly to RON1.2 billion, impacting overall expenses.
- Delays were encountered in the CCGT power plant project due to contractor mobilization issues, affecting the timeline for completion.
Good afternoon, ladies and gentlemen, and welcome to our conference call for discussing the preliminary results recorded by Romgaz Group in 2024. After introducing the speakers, Mr. Razvan Popescu, Chief Executive Officer, will make an opening speech. Thereafter, the Q&A session will take place. Please be advised that this conference is being recorded for internal purposes.
On behalf of the company, the following speakers attend this conference: Mr. Razvan Popescu, Chief Executive Officer; Mr. Aristotel Jude, Deputy Chief Executive Officer; Ms. Gabriela Tranbitas, Chief Financial Officer; Mr. Ion Foida, Production Department Director; Mr. Radu Moldovan, Energy Trading Director and our Investor Relations Department.
Now, I would like to give the floor over to Mr. Razvan Popescu, who will open the conference call with an opening speech.
Good afternoon, ladies and gentlemen, and thank you for joining our conference call to discuss the results recorded
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