(Alliance News) - The board of directors of Gas Plus Spa has approved the 2022 consolidated financial statements, which closed with a net profit of nearly EUR3.4 million compared to EUR3.1 million in the previous year.

Revenues in 2022 reached EUR235.4 million compared to EUR84.8 million in 2021 with a growth of 178 percent. "This growth can be attributed to the increase in gas production and the dynamics of hydrocarbon prices, despite the fact that a significant part of E&P production was in the first part of the year still subject to past hedges at price levels largely below those recorded in the period," the company wrote in the released note.

Ebitda - which quadrupled compared to 2021 - reached EUR76.1 million compared to EUR17.9 million in 2021 thanks, in particular, to "the excellent performance of the E&P business, which, in a certainly favorable price environment, was able to increase its production by more than 40 percent," the note says.

Ebit was in turn up sharply and increased from EUR14.2 million in 2021 to EUR61.4 million in 2022.

Net debt fell to EUR49.0 million from EUR82.2 million in 2021.

Gas Plus closed Tuesday's session in the green by 2.4 percent to EUR2.55 per share.

By Maurizio Carta, Alliance News reporter

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