Gas company DEPA Commercial has forecast an increase in natural gas volume-based sales of over 20 percent in 2021 following a pandemic-induced total turnover reduction of 47.8 percent last year, down to 396.5 million euros from approximately 760 million euros in 2019.
As a result, DEPA Commercial’s profit after tax in 2020 fell to 37.5 million euros from 67.9 million euros in the previous year.
Despite the reduction, DEPA Commercial offered shareholders – privatization fund TAIPED (65%) and Hellenic Petroleum ELPE (35%) – dividends totaling 6.6 million euros.
The company attributed its turnover drop to international market conditions shaped by the pandemic during the first half of 2020, which suppressed prices at international hubs, creating purchasing opportunities at spot markets, before price levels partially rebounded.
These conditions conduced opportunistic gas orders by major-scale consumers in Greece, who have usually covered a great part of their natural gas needs through DEPA, based on long-term supply contracts, the company explained.
In terms of volume, DEPA’s gas sales in 2020 totaled 25.5 TWh, down 6.7 percent compared to 2019, primarily as a result of the aforementioned factors.