Czech state-owned Gas Storage CZ tripled operating profit last year to CZK 1.397 billion

Gas Storage CZ, an operator of natural gas storage facilities, more than tripled its operating profit year on year last year to CZK 1.397 billion. Revenue rose by almost half to CZK 2.473 billion. Net profit also increased compared with the year before last, to CZK 2.6 billion, boosted by a one-off change in the accounting value of fixed assets. The company, which was taken over by the state last autumn, announced the figures to the Czech News Agency (ČTK) today.

The previous year's financial results were boosted mainly by a one-off accounting release of an impairment allowance against assets, said Lubor Veleba, managing director of Gas Storage CZ. „Operating profit adjusted for the impact of this one-off accounting transaction amounted to CZK 1,397 million, which is CZK 977 million more than in 2022. The company reported revenue of CZK 2,473 million in 2023, up CZK 792 million from 2022,“ he added.

The company operates six underground gas storage facilities, with capacity that, according to a statement last year by Prime Minister Petr Fiala (ODS), is equivalent to a third of the Czech Republic's annual consumption. The state took over the subsidiary of German energy company RWE to increase energy security and independence from Russia, which invaded Ukraine in 2022. The state paid 360 million euros (almost CZK 9 billion) for Gas Storage CZ, which has been a subsidiary of state-owned ČEPS since mid-September last year.