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Gasum observes growth in use of gas as bunker fuel in Q2 2020 financial report

30 Jul 2020

Swedish bunker supplier Gasum on Wednesday (29 July) published its Q2 2020 financial report which shows group operating profit at EUR17.5 million (USD20.6 million), down 21% year on year.

“The first half of the year saw us purposefully continue taking our strategy forward despite the uncertainties brought about by the COVID-19 pandemic,” said Johanna Lamminen, Chief Executive Officer, Gasum.

“We have continued implementing our projects as planned and so far the pandemic has had only minor impacts on our business. 

“We have safeguarded the continuity of our business by ensuring the health and safety of our employees and have done everything we can to secure the energy supply, gas sourcing and distribution as well as safe and secure logistics in our recycling and waste services. 

“Our revenue during the reporting period was EUR302 million (USD356 million), which was clearly lower compared to a year earlier. Revenue was primarily affected by the price development of gas in Europe.”

Lamminen added that Gasum’s acquisition of Linde AG’s LNG and Biogas business and Nauticor’s Marine Bunkering business in Q2 strengthened its capacity to offer gas solutions, particularly in maritime and heavy-duty transport, in the Nordic countries.

Demand for cleaner energy solutions is currently growing particularly in maritime transport, where total gas sales volumes are forecast to show further growth, noted the CEO. 

In Q2, Gasum completed several LNG bunkering operations in maritime transport in the Nordic countries and also in Germany including Heerema’s Sleipnir, the world’s largest semi-submersible crane vessel, and for the product tanker Ramelia

It also concluded a delivery partnership agreement with the Samskip shipping company and opened the first shipping fuel station in the Ports of Stockholm.

Lamminen also highlighted that biogas is increasingly attracting interest among forerunners in maritime transport and Gasum delivered liquefied biogas (LBG) for the first time to ESL Shipping’s vessel Viikki

During Q2, Gasum promoted the regional circular economy in our biogas business in Northern Finland by concluding a contract with municipal waste management company Napapiirin Residuum. 

“In future, biowaste from residents in Rovaniemi, Ranua and Pello will be turned into renewable biogas and recycled nutrients at our biogas plant in Oulu,” said Lamminen.

“We also made a decision to invest in building a new biogas plant in Götene, Sweden.”

Some key highlights of Gasum’s Q2 2020 financial report are: 

  • Group operating profit totaled EUR17.5 million (USD20.6 million), down 21% year on year (June 30, 2019: EUR22.1 million) 
  • Operating profit margin in H1 in the reporting period was 5.8%, up 1.6 percentage points compared with the reference year’s continuing operations (June 30, 2019: 4.2%)
  • Balance sheet total came to EUR1,259.3 million (June 30, 2019: EUR1,109.7 million) 
  • The Group’s solvency remained strong in the reporting period, with the equity ratio being 39.9% (June 30, 2019: 43.5%)

* Including comparable figures for continuing operations.

A full copy of Gasum’s Q2 2020 financial report is available here

Photo credit: Gasum
Published: 30 July, 2020

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