By diversifying our supply sources, we seek to ensure
ENERGY
SECURITY
Record-high results demonstrate our
EFFECTIVE PERFORMANCE
By contributing to a low-carbon economy, we help protect the
ENVIRONMENT
EBITDA
EBIT
Revenue
March 2020 saw the conclusion of court proceedings in which PGNiG SA had demanded that its Russian supplier of natural gas (Gazprom) revise the pricing formula under the Yamal contract, binding until the end of 2022. The Arbitration Court in Stockholm finally delivered a long-awaited, historic award in favour of PGNiG SA.
On the back of the lower cost of gas supplies from Russia, we managed to outperform other Polish companies in terms of both EBIT and EBITDA. We closed the fourth quarter of 2020 with a profit of PLN 1.3bn. The full-year EBITDA more than doubled year on year, to over PLN 13bn, with consolidated net profit coming in at PLN 7.34bn, relative to PLN 1.37bn for 2019.
Polska Spółka Gazownictwa, as the owner of the ‘Programme for accelerating investment in Poland’s gas network’, has not slowed down the pace of its network development efforts. The gas network roll-out is supported by EU funds.
I have the pleasure to invite you to read the Integrated Annual Report of the PGNiG Group for 2020. Marked by extraordinary circumstances of the COVID-19 pandemic, this past year was also a period witnessing several landmark events for the Group and Poland’s energy security.
Paweł Majewski
President of the Management Board of PGNiG SA
