Profit statements

Bulgartransgaz increases 9-month net profit thanks to higher revenues

SOFIA (Bulgaria), Dec. 17 (SeeNews) – Bulgarian state-owned gas transmission system operator Bulgartransgaz said its net profit rose to 79.2 million levs ($ 45.8 million / 40.5 million euros) in January-September, against 66.8 million levs in the same vein. period of 2020, as the company increased its turnover.

Bulgartransgaz’s turnover rose to 368.8 million Lev in the first nine months of this year, from 281.6 million Lev in the comparable period last year, the company said in an interim financial report.

The company increased its technology spending to just over LE 26 million during the reporting period, up from LE 18.5 million a year earlier.

The bulk of his company’s expenses were amortization and depreciation costs, which jumped to 131.9 million Lev during the reporting period from 79.6 million Lev the previous year.

The company’s assets stood at over 5.3 billion levs at the end of September, compared to 5.1 billion levs at the end of 2020.

In March, Bulgartransgaz announced its intention to invest some 2.5 billion levs over the next two years, mainly in the construction of new infrastructure. In 2021 alone, the company plans to invest around 1.5 billion levs, including 1.1 billion levs in the construction of natural gas transport and storage infrastructure, before investing another 1 billion lev. raised in 2022, including 65.7 million levs of the total amount earmarked for reconstruction. and rehabilitation works.

In January, Gastrade, the Greek company developing the floating liquefied natural gas (LNG) terminal off the city of Alexandroupolis, said the agreement to hold Bulgartransgaz with 20% of its capital was concluded after the Bulgarian competition authority granted state approval. – the wholly-owned gas transmission network operator will exercise joint control of Gastrade with the Greek company DEPA Commercial, GasLog Cyprus Investments and the private person Asimina-Eleni Kopelouzou.

(1 euro = 1.95583 lev)