JSC “Latvijas Gāze”: Unaudited financial results of JSC “Latvijas Gāze” Group for 6 months of 2023
30 Agosto 2023 - 10:00AM
JSC “Latvijas Gāze”: Unaudited financial results of JSC “Latvijas
Gāze” Group for 6 months of 2023
Compared to the record high prices in 2022, a
significant drop in natural gas prices has been observed both in
Latvia and in Europe in the first half of 2023. Although under
normal market conditions, a drop in prices would result in an
increase in natural gas consumption, both in Latvia and in Europe,
a decrease in demand for natural gas can still be observed. JSC
“Latvijas Gāze” experience that has been accumulated over the years
and extensive knowledge of the natural gas market in Latvia and
Europe plays an important role in such market conditions. As a
result, despite all the challenges, Latvijas Gāze Group has
achieved strong profit figures, as well as continued its
operations, ensuring an uninterrupted supply of gas to its
customers. In addition, as of 30 June 2023, JSC "Latvijas Gāze" has
contracted all the necessary natural gas supplies for the upcoming
heating season, which provides additional security and stability
for customers.
The active preparation for the opening of the
household market from 1 May 2023, as well as the extensive work
done on retaining existing household segment customers has provided
results - after the opening of the household market, JSC "Latvijas
Gāze" has retained more than 90% of the household customer
portfolio
Latvijas Gāze Group’s net profit in the first
half of 2023 reached 12.5 million EUR, which was 85% lower compared
to the corresponding period of 2022, when the net profit was 84.5
million EUR. The significant decrease in profit can be
explained by the fact that the result of the economic activity of
the first half of 2022, due to the accounting methodology of
financial derivative transactions, actually reflected the results
of the economic activity of both 2021 and the first half of 2022.
However, in the first half of 2023 such situation was not observed.
At the same time, the profit in the first half of 2023 is above the
historical average – in 2021, Group’s net profit was 5.4 million
EUR, in 2020 it was 16.6 million EUR and in 2019 it was 2.7 million
EUR.
JSC "Latvijas Gāze" subsidiary JSC "Gaso" has
reached 5.7 million EUR net profit in the first half of 2023, which
is 35% higher compared to the first half of 2022.
JSC “Latvijas Gāze” will publish its Unaudited
Interim Condensed Financial Statements for 9 months of 2023 on 30
November 2023.
JSC “Latvijas Gāze” Chairman of the Board Aigars Kalvītis
www.lg.lv
- IFRS_Latvijas Gāze 06.2023 ENG_e_sign
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