Gasum’s revenue jumps in January-September

Finland-based LNG and LBG supplier Gasum has reported higher revenue in the January-September period, boosted by high gas prices and a rise in deliveries to customers in both the maritime and road transport sector.

Gasum said its revenue rose almost 81 percent year-on-year in the period under review to 811.6 million euros ($939.8 million).

However, the firm logged a net loss of 5 million euros, compared to an operating profit of 12.8 million euros in the same period last year of 2020.

“Third quarter of the year saw a very sharp rise in gas prices. This affected the development of company’s revenue and operating result development,” Gasum’s interim CEO Kai Laitinen, said.

The price of natural gas delivered to Europe surged 300 percent during the third quarter of
2021, from a level of below €35/MWh to €97.20/MWh, Gasum said.

“The hike in gas prices also affected the company’s equity ratio and gearing. Higher gas
prices resulted in a negative market value for hedging derivatives, which had a declining
effect on the company’s equity,” Laitinen said.

However, despite the “challenging market situation”, Gasum has continued to progress with its growth strategy in its key segments – industry, maritime, and road transport, he said.

Demand in the maritime business continued to increase during the period under review, and these volumes rose 32 percent compared to a year earlier.

“Going forward, we will also deliver cleaner shipping fuel to gas-fueled vessels of Finnish central government agencies,” he said.

The firm won the LNG bunkering deal in August this year.

In addition, Gasum continued to build a network of LNG filling stations in the Nordics, with new station in Trondheim, Norway.

Volumes sold in the transport segment rose as much as 80 percent compared to a year
earlier, Laitinen said.

According to the firm, more than 500 gas-fueled vehicles, of which more than
50 were vans and trucks, were registered in Finland during the third quarter.

In Sweden, the corresponding figure reached more than 600, of which 200 are gas-fueled
vans, trucks, and buses.

The number of gas-fueled vehicles already totals 15,000 in Finland and more than 50,000 in
Sweden, Gasum said.

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