JSC ”Latvijas Gāze”: Unaudited financial results of “Latvijas Gāze” group for 2021

Colder temperature during heating season and significantly higher natural gas prices were the two main factors, which influenced the JSC “Latvijas Gāze” performance in 2021. Colder temperature increased JSC “Latvijas Gāze” sales and utilization of JSC “Gaso” distribution network.

In 2021, JSC “Latvijas Gāze” sold 14 859 GWh of natural gas to customers in Latvia and abroad. Compared to the same period in 2020, sales volumes have increased by 25%..

The Group’s net turnover in 2021 reached 583.3 million EUR, EBITDA amounted to 18 million EUR. The Group’s net profit for 2021 was 3.2 million EUR. The profit level was adversely impacted by significant natural gas price fluctuations, which lead to negative revaluation of financial derivatives.

The JSC “Latvijas Gāze” in 2021 have invested approximately 0.8 million EUR to ensure efficient operations, communication and services to customers and to strengthen digital transformation processes. In 2022 the investments are planned to be around 1 million EUR in order to ensure, that “Latvijas Gāze” employees are flexible to work remotely, and to move from stabilization to improvement phase, therefore, 0.5 million EUR will be invested in Client portal and Billing system, as well as Customer Service processes.

In 2022 JSC “Latvijas Gāze” will have several essential projects to strengthen Cybersecurity maturity level, based on global Cybersecurity threat growth. One of the biggest projects will be SIEM implementation, which will allow to detect possible threats quicker and reacted to them in accordance to the laws and regulations.

Latvijas Gāze Group will publish its audited consolidated financial statements for 2021 on April 20, 2022.

Additional information:
Romāns Tjurins
Vice President Finance
Phone: + (371) 67 369 139
E-mail: investor.relations@lg.lv

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