JSC “Latvijas Gāze”: Unaudited Financial Results of Latvijas Gāze Group for the First Quarter of 2021
Latvijas Gāze group showed an outstanding performance in first quarter of 2021. Last year’s strategic decision by JSC “Latvijas Gāze” to defer injected underground storage inventory to 2021 boosted gross profit margin amid continuous natural gas price rise. Additionally, significantly colder temperature increased JSC “Latvijas Gāze” sales and utilization of JSC “Gaso” distribution network. The rally is observed almost in all commodities on the back of economic recovery and supply constraints. Despite the fact that JSC “Latvijas Gāze” benefited from natural gas price rise in the first quarter, continuous commodity rally will pose a challenge for the remaining part of the year.
The Group’s net turnover in the first quarter of 2021 was 75.2 million EUR, EBITDA* amounted to 28.3 million EUR and net profit was 24.7 million EUR.
During first quarter of 2021, JSC “Latvijas Gāze” sold 4 181 GWh of natural gas to customers in Latvia and abroad. Compared to the same period in 2020, sales volumes has increased by 25%. Sales volumes to foreign counterparties accounted for 47% of the total sales volumes.
The customer service centres of JSC “Latvijas Gāze” and JSC “Gaso” remain closed to visitors.
Latvijas Gāze group will publish its unaudited consolidated financial statements for the second quarter of 2021 on August 25, 2021.
*More detailed information on the alternative performance measures can be found on page 10 of the financial statements.
Vice President Finance
Phone: + (371) 67 369 139