Gasum post slip in 2019 revenue

The Nordic energy company Gasum reported a revenue drop of 4.2 percent year on year. 

The company reported a revenue of €1.13 billion ($1.22 billion) for the year ended December 31, 2019, which compares to €1.17 billion ($1.19 billion) in 2018.

Commenting on the company’s results, Gasum’s CEO Johanna Lamminen said, “In 2019, we took purposeful steps to advance our strategy and developed the Nordic gas market.”

She said that the company’s financial performance developed in line with its expectations.

“The decline in revenue was caused primarily by the development in the sales price of gas. Our operating profit was €141.4 million, up 13.9 percent year on year (€124.2 million),” Lamminen said.

“We expanded our Nordic gas filling station network by 13 new stations. The opening of the new stations supports national emission reduction targets by facilitating a switch in Nordic transport to cleaner fuel solutions,” she said.

The sales of natural gas and liquefied natural gas (LNG) in 2019 totaled 30 TWh which compares to 31 TWh sold in 2018. Gas consumption decreased overall compared with the corresponding period a year earlier due in particular to the cold start of the reference year.

Going forward, Gasum expects the role of gas as an energy source will increase further as action is taken against climate change and the Nordic countries are moving towards carbon-neutral energy production. Both the industrial as well as transport use of gas is projected to grow strongly in the years ahead.