2019 August 23 14:47

PGNiG Group posts more than PLN 22.6bn in revenue for H1 2019

Revenue generated by the PGNiG Group grew 8% year on year in the face of falling natural gas prices and rising oil prices. The Group increased volumes of sales of natural gas and electricity.

In the first half of 2019, the PGNiG Group generated revenue of PLN 22.63bn and a net profit of PLN 1.3bn. The Group’s EBITDA amounted to PLN 3.1bn. It was lower than in the first half of 2018 due to, among other factors, impairment losses on non-current assets (PLN -222m in the first of 2019, while in the first half of 2018 they increased EBITDA by PLN 312m).

‘Despite difficult external conditions and the effect of seasonality in the second quarter, we managed to deliver EBITDA of almost PLN 1bn in the second quarter and more than PLN 3.1bn in the first half of the year, which we consider satisfactory performance,’ said Piotr Woźniak, President of the PGNiG Management Board. ‘The second quarter of the year was a challenging period, mainly on account of declining prices of natural gas and rising prices of crude oil on the spot market.Lower gas prices directly affect our revenue from sales of this fuel. On the other hand, in 2019 we paid higher gas procurement costs under the Yamal contract, which are pegged to the prices of crude oil and petroleum products, and they were much higher than in 2018,’ Mr Woźniak added.