PGNiG Group posts over one billion in net profit for the first quarter of 2019
PGNiG Group says its revenue rose to PLN 14.34bn in the first three months of the year, with consolidated EBITDA at PLN 2.16bn and EBIT at PLN 1.38bn. Net profit earned by the Group came to PLN 1.06bn.
The Group’s first-quarter revenue was PLN 14.34bn, compared with PLN 13.25bn a year earlier (up 8% yoy), with EBITDA at PLN 2.16bn relative to PLN 2.67bn in the same period last year (down 19% yoy). EBIT also decreased, from PLN 2.01bn to PLN 1.38bn (down 31% yoy). The Group earned PLN 1.06bn in net profit, compared with PLN 1.57bn the year before (down 32% yoy).
“In the first quarter of 2019, our revenue increased 8% over the same period last year,” said Piotr Woźniak, President of the PGNiG Management Board. “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.
