Polish PGNiG profit up 10% year on year in Q1 2014

May 12, 2014

In Q1 2014, the PGNiG Group posted a net profit of almost PLN 1.2bn, PGNiG’s press office said on May 9. This was 10% higher than in the corresponding quarter of 2013, primarily on the back of record-high crude oil production, lower gas sales and falling gas prices on European exchanges. In the same period, the Group reported revenue of just over PLN 9.5bn, down 7% from PLN 10.3bn in Q1 2013. The fall was due to higher than average air temperatures in comparison with the corresponding period of 2013.

At the operating level, the Group recorded a year-on-year growth in EBITDA of 10%, to approximately PLN 2.2bn, against PLN 1.98bn in Q1 2013. With a 51% share, the Exploration and Production segment was the largest contributor, followed by Distribution with a 28% share, and the Trade and Storage and Generation segments, each accounting for 10% of the total.
Source: PGNiG Press Office, 2014