The Polish state-controlled oil and gas company PGNiG reported on November 13, 2017, a 3 % rise in 3Q net profit to $101.14 million.
For the 9 months of 2017, PGNiG delivered improvement of all key financials, earning PLN 2.5 bln in net profit.
In the 9 months to September 30th 2017, revenue reached PLN 24.89 bln, up from PLN 23.05 bln in the same period last year (an increase of 8%).
Operating expenses, including amortisation and depreciation, also increased, to PLN 21.63 bln (up 4% y/y), mainly on higher gas procurement costs.
Despite the higher expenses, the Group improved its EBITDA, EBIT and net profit. EBITDA rose 23% (to PLN 5.26 bln), while normalised EBITDA, adjusted for one-offs, increased 3% year on year, to PLN 5.14 bln.
Operating profit (EBIT) grew 41%, to PLN 3.26 bln, and net profit was PLN 2.47 bln, compared with PLN 1.63 bln in the 9 months to September 30th last year.
The total volume of the Group's gas sales expanded 11%, from 16.9 bcm to 18.8 bcm.
«The improved performance has been delivered thanks to the consistent pursuit of the 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, CEO of PGNiG.
«The gas sales is also rising. The 3rd quarter, which is usually a warm and steady period in gas industry has surprised us very positively this year. According to our analysis it has never happened before in that very quarter that the market volume in Poland would increase by 300 mcm year on year. It shows fundamental changes in the market – the gas demand is instantly growing due to the growth in economy,» added Piotr Woźniak.