PGNiG posts PLN 0.72 bln Q4 net profit. Up from the preliminary results

WSE-listed, state-controlled gas group PGNiG, had PLN 0.72 billion net profit in Q4, up from the PLN 0.69 billion figure listed in preliminary results. The net profit for the whole 2016, stood at PLN 2.35 billion. Revenue from sales in Q4 was at PLN 10.14 billion (3.9 percent increase y/y) and PLN 33.19 billion in 2016 (9 percent decline y/y). Regarding its plans for this year, PGNiG expects growth in volumes and revenues, due to the changes in Polish regulations. However 2017 should be an interesting year. “We are going to increase the margin on sale of gas mainly to household clients, but also we are in a very interesting year because this year, after Q1, we will be left with tariffs for households only, so it may be a very interesting result,” company's deputy CEO Maciej Woźniak said, commenting on the recently implemented market deregulations.