ROMGAZ - In Line Q2 Results And TP Upgrade Driven By Stubbornly High Gas Prices
- Romgaz reported net income for Q2/22 of RON 746m and EBITDA of RON 956m compared to RON 298m and RON 490m, respectively. Revenue grew to RON 3.57bn from RON 923m YoY mainly as a result of increased gas prices. Upstream once again represented the vast majority of total revenue (96%) and consolidated net income.
- During Q2/22, Romgaz invested organically only RON 108m (-13% YoY), representing approx. 27% of the scheduled investments for 2022, without the Neptun Deep project. Net cash and other liquid financial assets (bank deposits and state bonds purchased) amounted to RON 5.56bn on June 30, 2022 (or RON 14.4 a share and accounted for ca. 27% of mrk cap) as compared to RON 4bn at the end of 2021. Out of the amount of RON 7.2bn gross cash in balance at June 30, 2022, approximately RON 6.1bn are allocated to pay dividends to shareholders (were paid on 27 July) and to settle the price difference for the acquisition of ExxonMobil Exploration and Production Romania Limited.
Concorde Securities Ltd. is Hungary’s leading independent company engaged in investment banking activities. It provides its clients with integrated financial services, including securities trading, research, corporate financing advisory, capital market transactions, wealth management and investment advisory. The operational management of the company is the responsibility of the CEO, while the owners/managers (who control one-third of the company through their shares and options) are in charge of its strategic governance. Concorde Securities Ltd. is a member of the Budapest, Frankfurt, Warsaw and Bucharest stock exchanges, as well as of the Hungarian Association of Investment Service Providers.
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