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Poland´s PGNiG posts over PLN 1 billion in net profit for the 1st quarter of 2019

Poland´s PGNiG posts over PLN 1 billion in net profit for the 1st quarter of 2019


Warsaw, May 17 - Neftegaz.RU. The Group’s revenue rose to PLN 14.34bn in the 1st 3 months of the year, with consolidated EBITDA at PLN 2.16 bln and EBIT at PLN 1.38 bln. Net profit earned by the Group came to PLN 1.06 bln.

The Group’s first-quarter revenue was PLN 14.34 bln, compared with PLN 13.25 bln a year earlier (up 8% yoy), with EBITDA at PLN 2.16 bln relative to PLN 2.67 bln in the same period last year (down 19% yoy).

EBIT also decreased, from PLN 2.01 bln to PLN 1.38 bln (down 31% yoy). The Group earned PLN 1.06 bln in net profit, compared with PLN 1.57 bln the year before (down 32% yoy).

“In the 1st quarter of 2019, our revenue increased 8% over the same period last year,” said Piotr Woźniak, CEO of PGNiG.

“The high cost of gas fuel purchased from sources east of Poland weighed on the Group’s performance, but imports from other sources – especially LNG – helped us mitigate the adverse impacts of the Yamal contract. These are tangible effects of our pursuit of a strategy seeking to reduce our reliance on a single monopolistic supplier and build a diversified portfolio of reliable partners,” he added.

In Q1 2019, the volume of LNG supplies to the L.Kaczyński Terminal in Świnoujście reached 727 million cu m of the regasified fuel, a 44% increase year on year. As for imports from the western and southern directions, they reached 1.15 billion cu m, more than 3 times the volume imported over the same period of 2018. At the same time, the volume of gas procured in Q1 2019 from the eastern direction was 1.79 billion cu m, down 40% year on year.