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    Bulgargaz' 9-mo net profit up 8.8% on higher revenue


    November 17, 2021 - SeeNews The Corporate Wire

     

      SOFIA (Bulgaria), November 16 (SeeNews) - Bulgarian public gas supplier Bulgargaz said that its net profit rose by 8.78% year-on-year in the first nine months of 2021, reaching 31.2 million levs ($18.1 million/15.9 million euro) on the back of a sharp increase in revenue.

      Bulgargaz's revenue jumped 149.1% on the year to 1.12 billion levs in the review period, due to higher natural gas consumption in several industries, figures from the company's interim financial statement show.

      Bulgargaz sold 25,038,442 MWh of natural gas in the first nine months of 2021, up 44.94% compared to the same period of last year.

      Cost of natural gas sold soared by 163% year-on-year in the rteview period, reaching 1.09 billion levs.

      In March 2020, Bulgargaz negotiated a 40.3% cut in the price of Russian natural gas imports based on an agreement between the European Commission and Russia's Gazprom. Bulgargaz and Gazprom changed the pricing formula for Russian gas imports into Bulgaria, setting as its main component the price on the regional markets instead of the price of petroleum derivatives.

      (1 euro = 1.95583 levs)

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