Hungarian state-owned MVM Group announced sales revenues of €5.47 billion for the first half of 2024, marking a 22% decline compared to the same period last year. Despite this drop in revenue, the company’s after-tax profit rose by 6% year-on-year to €563 million. The revenue decline is attributed to lower gas and electricity prices, as well as reduced gas consumption due to milder winter weather.
MVM reported that approximately 85% of its electricity generation was carbon-free and emphasized its commitment to expanding its solar portfolio. To further reduce Hungary’s dependence on energy imports, MVM is investing in increasing output from local gas fields and exploring alternative energy sources, including new LNG contracts and different delivery routes.
As part of its diversification strategy, MVM recently acquired a stake in the Shah Deniz gas field in Azerbaijan, reinforcing its efforts to secure a stable energy supply for Hungary.
