Gasum Group Q3 2020 – Demand for gas solutions remained steady

Key financial indicators January 1 to September 30, 2020*

  • Group operating profit totaled €12.8 million, down 43.1% year on year (September 30, 2019: €22.4 million)

  • Operating profit margin in the reporting period was 2.8%, down 0.4 percentage points compared with the reference year’s continuing operations (September 30, 2019: 3.2%)

  • Balance sheet total came to €1,256.1 million (September 30, 2019: €1,075.9 million)

  • The Group’s solvency remained strong in the reporting period, with the equity ratio at 38.8% (September 30, 2019: 45.2%)

* Including comparable figures for continuing operations.

Gasum Group CEO Johanna Lamminen comments on the third quarter of 2020:

”Our financial performance during the reporting period was almost in line with our expectations despite the uncertainties caused by the COVID-19 pandemic, and there was steady demand for gas solutions. The impacts of the pandemic were seen in our business, primarily with regard to the growth targets we set. Lockdowns caused us to push back with bringing our new plants into use and at the same time our customers have also delayed their
projects, which in turn has impacted the start-up of Gasum’s deliveries. We have sought to ensure business continuity by ensuring the health and safety of our employees and have done everything we can to secure the smooth functioning of business operations despite the changes that have taken place in the operating environment.

Our revenue during the report period was €448.9 million and our operating profit was €12.8 million. Revenue and operating profit were primarily affected by the price trend of gas in Europe. Group profitability remained in line with the level forecast despite changes in the operating environment.

During Q3, we secured a contract with Norwegian reinforced steel manufacturer Celsa Armeringsstål in Mo i Rana, to supply liquefied natural gas (LNG) from the Tornio terminal and to build a new customer terminal in Mo Industrial Park. Switching to LNG will contribute to the company’s target of lowering carbon dioxide emissions originating in its operations.

Demand for cleaner energy solutions continued to grow in maritime transport. During Q3, we completed several LNG bunkering operations in maritime transport to new customers in the Nordic countries and Germany. We carried out a truck-to-ship bunkering operation to the Fassmer company’s research vessel and a ship-to-ship bunkering operation to the car carrier Auto Energy.

We increased the availability of renewable energy by entering into a long-term agreement with ABO Wind Oy to purchase its wind power produced in a wind farm in North Ostrobothnia starting in 2023. The agreement will allow us to increase the availability of renewable domestic energy and self-sufficiency in power generation in Finland.

We continued to expand the Nordic gas filling station network to serve heavy-duty transport. We opened gas filling stations in Gothenburg, Sweden and Lieto, Finland. Our expanding gas filling station network is creating interest in gas from growing numbers of actors and Vekka Group, for example, introduced six biogas-powered buses into operations in Hämeenlinna in August."

Read more about Gasum Group Q3 2020 >

For more information please contact:

Johanna Lamminen, Chief Executive Officer, Gasum

Olga Väisänen, Vice President, Communications, Gasum
Phone: +358 40 55 40 578, firstname.surname(a)


The energy company Gasum is a Nordic gas sector and energy market expert. Gasum offers cleaner energy and energy market expert services for industry and for combined heat and
power production as well as cleaner fuel solutions for road and maritime transport. The company helps its customers to reduce their own carbon footprint and that of their customers. Together with its partners, Gasum promotes development towards a carbonneutral future on land and at sea.