Romgaz leads among state owned companies with EUR 317 mln profit

Newsroom 16/10/2015 | 16:48

A 2014 report on public enterprises conducted by the Ministry of Finance shows that the most profitable state company is gas distributor Romgaz, which has been ranking first in the top 10 most profitable public companies for three years, Hotnews informs.

In 2014, gas producer Romgaz registered a net profit of RON 1.4 billion (EUR 317 million). At the opposite end is Oltenia Energy Complex with a loss of almost RON 700 million (EUR 158.5 million). The company is also facing legal problems, with several cases in the attention of DNA prosecutors and the latest addition of the Turceni-Rovinari file, in which prime minister Victor Ponta is also involved.

Hidroelectrica was also among the most profitable state owned companies in 2014, though insolvent, replacing the National Company Maritime Ports Administration – SA Constanta, which registered reduced results in terms of profitability, the report said.

Hidroelectrica recorded in 2014 net profit of RON 941.5 million. The remaining eight of the top 10 profitable companies are Transgaz (RON 502.5 million), the Romanian Lottery (RON 100.4 million), Nuclearelectrica (RON 133 million), Transelectrica (RON 357.6 million), Romsilva (RON 103 million), the National Print (RON 89.1 million), Bucharest Airports (RON 98.7 million) and the Romanian Auto Registry (RON 62.9 million).

According to the report, the influence of the ten public companies in the overall total of dividends / payments distributed to the state budget increased in 2014 compared to 2013 by 2.6 percentage points after a decline of 1.29 percentage points in 2013 compared to 2012.

In the top 10 public companies with the largest losses, after Oltenia Energy Complex comes Hunedoara Energy Complex (with a loss of RON 352.3 million), followed by Tarom (RON 110.1 million), the National Uranium Company (RON 103.4 million), Romaero (RON 45 million), CFR Marfa (RON 27.1 million), the Romanian Counter-guarantee Fund (RON 19.4 million), Hidroserv (RON 17.6 million), Related Assets (RON 15.7 million) and the Administration of State Protocol Patrimony (RON 13.5 million).

After 2013 brought a significant decrease in losses of the top ten public companies (a 49.5 percent drop), in 2014 the negative results went up by 9.3 percent.

The report shows that 154 public companies recorded gross profit of RON 6.6 billion, up from 2013 when a total of 146 public companies recorded gross profit totalling RON 5.6 billion (RON 3.7 billion in 2012 from 151 public companies).

When it comes to loss, 121 public companies recorded gross loss totalling RON 2.3 billion, down from 2013 when a total of 94 public companies recorded gross loss totalling RON 2.7 billion (and RON 3.4 billion from 89 companies in 2012).

Other 24 state owned companies reached break-even, up from 2013 when there were 7 and compared to 2012 when a total of 4 state owned companies had expenses equal to revenues.

Natalia Martian

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