Turnover of Latvijas Gāze Group in the first half of 2021 has increased by 56%

In the first half of 2021, the net turnover of the Group reached EUR 154.3 million, which is 56% more than in the corresponding period in 2020, while the net profit of the Group in the first six months of 2021 is EUR 5.4 million.

On 26 August 2021, a webinar of Latvijas Gāze took place, where Inga Āboliņa, Member of the Board and Chief Financial Officer, presented and explained the financial results of the first six months of 2021.

Lower temperatures during the heating season and significantly higher natural gas prices were the two main factors that affected the financial results of Latvijas Gāze in the first half of 2021. Due to lower temperatures, the sales volumes and natural gas distribution network load of the company increased. At the same time, the rise in natural gas prices caused by the economic recovery posed challenges as well and it is expected to keep being challenging in the second half of the year.

In the first six months of 2021, Latvijas Gāze sold 7,437 GWh of natural gas to customers in Latvia and abroad. Compared to the same period in 2020, sales have increased by 38%. Natural gas sold abroad accounted for 37% of the total sales.

“The natural gas trading business and the price of natural gas are affected by global events and conditions, such as increased demand due to the cold winter, the availability of LNG (liquefied natural gas) and the amount of stock in Europe for the next heating season. The results of the first half of 2021 have been affected by the revaluation of Latvijas Gāze financial instruments, which is reflected in the profit and loss statement on a monthly basis but will present the opposite effect in the natural gas sales season, thus, significantly affecting the annual financial results” explains Inga Āboliņa.

Please accept marketing cookies to view the video.

Presentation and webinar video is available here

Previous news

20.08.2021. | for households
Even wider payment options for natural gas bills

To make our customers’ daily lives easier and to simplify paying their bills, we take care to ensure a convenient and affordable payment service. When developing the available services, we think of both customers who use all services digitally and those who like to make payments in cash.

Read more
16.07.2021. | for companies | sustainability
Latvijas Gāze, at the conference “ENERGY 2021: competitiveness and market stability on the way to achieving climate goals”, talks about the meaning of renewable energies and natural gas in the future energy market.

On 29 June this year, a conference organised by Dienas Bizness took place, where companies from the energy industry and specialists talked about the challenges of the industry in achieving the goals of the European Climate Plan and the competitiveness and stability of the energy sector.

Read more
06.07.2021. | finance
Dividend payment ex-date of AS “Latvijas Gāze”

AS “Latvijas Gāze” (GZE1R, ISIN LV0000100899) will close the list of shareholders for dividend payment on July 9, 2021 at the end of the working day of the Nasdaq CSD Latvian Settlement System.

Read more