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PGNiG group releases 1H 2018 results

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LNG Industry,

The latest consolidated results of the Polish Oil and Gas Company (PGNiG) group show continued improvement and it is reported that the group has achieved further diversification of its import sources, with LNG deliveries as the main contributor.

“We are pleased with our first-half consolidated results. Despite an unusually warm spring, gas sales grew by 8%, mainly on the back of strong economic growth in Poland as well as increasing capacity of gas-fired heat and power generation. However, the biggest performance driver was rising global oil and gas prices, which led to a marked increase in the cost base of the Trade and Storage business. On the other hand, strong commodity prices supported the excellent performance delivered by Exploration and Production,” said Piotr Wozniak, President of the Management Board of PGNiG SA. “Thanks to growing LNG imports we are also successful in diversifying our gas supply sources, which is a key objective set in the Group’s Strategy and directly contributes to enhancing Poland’s energy security,” he added.

The PGNiG Group reported an 11% yoy growth in 1H 2018 revenue, to PLN 20.89 billion, with EBITDA up 3%, to PLN 4.3 billion, and net profit up 8%, to PLN 2.27 billion.

LNG imports by volume increased over 50%. In 1H 2018, LNG accounted for 18% of total imports, compared with 13% the year before. The share of supplies from sources east of Poland decreased from 80% to 77% yoy.

In 2Q 2018 alone, the PGNiG Group reported a 7% yoy growth in revenue, to PLN 7.64 billion, with EBITDA up 16%, to PLN 1.63 billion, and net profit surging 41%, to PLN 0.7 billion.

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