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PGNiG Has Record Jump on Gazprom Fuel-Price Cut: Warsaw Mover

Polskie Gornictwo Naftowe i Gazownictwo SA, Poland’s biggest gas distributor, climbed the most on record after OAO Gazprom agreed to cut the price of the fuel it supplies.

The stock advanced as much as 15 percent, and ended 9.6 percent higher at 4.33 zloty at the 5:30 p.m. close in Warsaw. That’s the largest gain on a closing basis since PGNiG, as the company is known, started trading on the Warsaw bourse in 2005. About 51 million shares changed hands, more than 15 times the daily average over the past three months, according to data compiled by Bloomberg.

Earnings before interest, taxes, depreciation and amortization will increase at least 2.5 billion zloty ($776 million) after the Russian supplier agreed to take market prices for natural gas into account while pricing sales to PGNiG, the Polish company said in a regulatory statement today. PGNiG will seek regulatory approval to cut gas prices from Jan. 1, Chief Executive Officer Grazyna Piotrowska-Oliwa said a news conference today in Warsaw.

This deal is “a very positive development for the investment case,” Peter Csaszar, a Warsaw-based analyst at KBC Groep NV’s broker unit, wrote in an e-mailed note. “The regulator would be unlikely to rest on its laurels and we have little doubt it would cut domestic tariffs significantly.”

The profit gain from the deal with Gazprom is based on the retroactive settlement for 2011 and 2012, PGNiG said.

PGNiG’s net loss widened to 314 million zloty in the second quarter from 20 million zloty a year earlier on rising import costs, the company said on Aug. 23. Third-quarter results are due on Nov. 12.

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