PGNiG Group: sustained improvement in Q3 2018 YTD financial performance
The PGNiG Group posted an improvement across all key financials, both for Q3 2018 and year to date. For Q1-Q3 2018, the Group’s revenue was PLN 28.48bn, its EBITDA came in at PLN 5.77bn, and net profit reached PLN 2.82bn.
‘The improved performance of the PGNiG Group was mainly attributable to its Exploration and Production segment. Its contribution to the Group’s EBITDA at the end of September was 68%, largely an effect of soaring hydrocarbon prices on global markets. The Group is leveraging this trend to constantly grow its upstream business,’ said Piotr Woźniak, President of the Management Board of PGNiG SA.
The PGNiG Group reported a 15% yoy increase in Q1–Q3 2018 revenue, to PLN 28.48bn, with EBITDA up 10%, to PLN 5.77bn, and net profit growing 15%, to PLN 2.82bn.
On the other hand, a 16% yoy increase was recorded in the Group’s operating expenses, to PLN 22.71bn after the first nine months of 2018, chiefly on high gas procurement costs (driven by the rising hydrocarbon prices) incurred by the Trade and Storage segment.
The PGNiG Group is continuing with its policy of strongly increasing LNG imports. The volume of LNG imported in the nine months to September 30th 2018 was 47% higher than in the same period of 2017, amounting to 1.96 bcm after regasification. LNG’s share in total gas imports was 18%, compared with 13% a year earlier.
For Q3 2018 alone, the PGNiG Group reported a 26% yoy increase in revenue, to PLN 7.6bn, with EBITDA up 36%, to PLN 1.47bn, and net profit surging 50%, to PLN 0.55bn. ‘Compared with the same period of the previous year, Q3 2018 was very successful for the PGNiG Group. The high prices of hydrocarbons boosted revenue from oil and gas sales, especially in the Exploration and Production segment. Increases were also recorded in gas volumes sold and revenue earned from its sales by the Trade and Storage segment, and in electricity sales by the Generation segment,’ said Piotr Woźniak.