Natural gas, LNG bump Gasum's 2018 revenue

Natural gas, LNG bump Gasum’s 2018 revenue

Finish energy company Gasum reported a 27.3 percent rise in revenue for 2018 as natural gas and LNG businesses improved. 

Image courtesy of Gasum

The company’s revenue totaled €1.17 billion ($1.32 billion) for the year 2018 which compared to €925 million in the previous year, Gasum said in its report.

The previous downward trend in natural gas volumes has been reversed and in 2018 sales volumes rose to a level clearly above those seen a year earlier, totaling 24.7 TWh and up 11 percent year on year.

The revenue of the Natural Gas business unit in 2018 was up 29 percent year on year, totaling €874.9 million, which compares to €678.7 million in 2017. The considerable revenue growth was attributable to increased gas consumption, the price development of natural gas and the acquisition of the Enegia energy market services business that took place in August.

Sales volumes of the LNG business in 2018 totaled 6.3 TWh, up 4.1 percent year on year, compared to 6.1 TWh in 2017. Interest in using liquefied natural gas (LNG) grew further during the year, especially in maritime transport and industry.

The revenue of the LNG business unit in 2018 totaled €252.0 million, up 29 percent from the previous year when the company recorded €195.2 million. Revenue growth was driven by the price development and improved competitiveness of LNG resulting from oil price increases.