Hello everybody. I will make a short presentation of the financial results, which can be found on our website. The results in the nine months increased significantly as compared to last year. The increase of the net profit over the nine months 2024 is four times higher as compared to last year. Of course, we will present the main factors which determine these results, the main one being ensuring the approval of the regulated revenue, starting with 1st October 2023, after two years when the regulated revenue was frozen. The evolution of the results, this improvement of the results for the nine months, were determined by the following: operating revenue increased as compared to last year with RON 307 million. The transmission tariffs were frozen, as I said, were not updated. Being related to revenue, starting with October 2023, transmission tariffs were established according to the transmission methodology.
The regulated revenue was RON 1.6 billion for the period starting with 1st October 2024. The regulated revenue is RON 2,005 million. Revenue was influenced mainly by the increase of the booking revenue, the booking tariff being higher, and the booked capacity lower, with a negative influence of RON 43 million. Capacity overruns were higher, with RON 23 million. The volumetric component was higher, based on the volumetric tariff higher, and a lower transmission quantity by 4 million megawatts. Another influence on the revenue was given by the fact that last year we had the termination agreement with Gazprom, which was valid until 31 December 2023, and we had no more revenue starting with 1st of January 2024. This revenue was provisioned 100% since Gazprom stopped paying services according to this contract.
As Gazprom took the steps for an arbitration to recover the debts from this contractual relation in an amount of approximately 30 million EUR. Revenue from balancing decreased, but the balancing activity is a neutral activity for Transgaz, and it does not generate profit or loss. Any difference from profit or loss recorded from the centralization of the costs is neutralized or balanced through the neutrality tariff. Financial revenue had a negative influence of 42 million RON, mainly on the updating of the value of the debts from the concession agreement, with an inflation rate of 3.77% lower as compared to last year.
In terms of expenses, the operating expenses before the balancing and the construction activity increased by 141% by 156%. Mainly, this increase is determined by the increase in the royalty expenses, which is 142 million RON. It was determined by the increase in the royalty quota from 0.4% in the previous year in the same period to 11.5% starting with 30 October 2023. The company reported economy mainly on reporting the lower provisions compared to the previous year. In terms of the financial expenses, they decreased by 38 million RON, mainly due to the differences in exchange rate and the bank interest. To mark, compared to September 2023, gross profit registered an increased by 279%, and the net profit reported of profit was 124%. Mainly, these are the main aspects I wanted to present today. The technological consumption is within very good limits.
The recorded value in September, accumulated by 20 months, is 0.46 from the total gas circulated. If there are any questions we won't get to answer, please feel free to ask. Please. Are there any questions? Can you hear us? We are looking forward to your questions. There are any questions? We understand that we have a comprehensive presentation. In view of transparency, the publication of the financial statement was part of the answering questions. If you have any other questions in the future, please let us know, and the company will make sure you answer them. Mrs. Laura Simion had a question, as I remember. Can you hear us, Mrs. Laura Simion? I'm sure that everybody hears us. No one wrote on the chat that they cannot hear us. Please feel free to ask any questions. If there are no questions, thank you very much for attending our teleconference.
Just one moment. Let's try to make sure that everybody heard us. Let's make sure that there is no communication problem. We have a question written on the chat. We congratulate you for the results. We are referring to projects going forward. What do you have in place to make cost efficient? What levels can we expect going forward for salaries, in terms of salaries? Who asked this question, please? Mr. Vladnya. As for investments, we made the statement that the chart has made public with the statement of Mr. Sterian. Another question for the project. The Black Sea- Podișor pipeline will be completed in June next year. But Transgaz is also implementing important projects for the development of the connection to the DRC, the Southern Defense and the Channel Belt. The investments will be significant, I would say, including in the immediate current period.
But the best forecast you can have at the moment is by accessing the development plan, which is the public document. In December, we will publish the budget as well and use the numbers there, the accurate numbers. Yes, in order to make it more efficient, you saw that Transgaz presented very good technological consumption at the European level, the best level of technological consumption at the European level. We are monitoring costs very closely so that we can make it more efficient. And of course, we are striving to improve the financial status. But complete numbers related to the salary expenses, you will find when we publish the budget. We are waiting for the budget law to be published. Then we will substantiate and publish such numbers.
Good afternoon. Can you hear me? Can you hear me?
Yes, yes, we can hear you.
I'm sorry.
I wanted to ask you, from the investment program, everything goes into the regulated asset base?
Yes, everything is going to the regulated asset base entirely.
As usual, I ask strategic questions. How do you see the regional evolution in terms of comparison with Greece, Bulgaria, and Spain in the left or in the right? How do you see and how do you predict possible change of direction if there is any?
The Vertical Corridor is a corridor I'm just trying to sum up just a little bit. The Vertical Corridor, for the people who don't know the concept, it comes from Greece to Bulgaria and Romania towards Ukraine and Moldova on the one side or Hungary and Slovakia on the other side. We have jointly conducted an implementing capacity process on the 1st of July.
In order to analyze the interest in this corridor, there were several development scenarios for this corridor. Due to the uncertainties on the market and the obligation to book for 15 years, the incremental capacity process was completed without booking of incremental capacity. There is a significant interest for at least the Romania-Hungary point in Csanádpalota. The booking level for the following six, seven years being approximately 70%. There is an interest in the capacity, but the market does not understand very well. These are the signals in the market. They don't expose themselves over a long period of 15 years. This Vertical Corridor that was updated and it is continued. Its implementation is continued. We are trying to obtain funds for the corridor in order for it to be implemented. I hope I answered your question.
Yes, thank you.
Greetings, Caius. There aren't any other questions.
We would like to thank you on behalf of the Transgaz team, on behalf of our Director General. It's the last meeting we'll have this year in the local conference. We had available all the time information so as to present to you. We try to answer your questions. We are looking forward to any possible future questions. Our colleagues from the Economic Department and Strategy and Development Departments will try to answer them as accurately as possible. We thank you for being interested in Transgaz. Thank you for drawing up reports because we are a team. Thank you for everything. We wish you all the best to be healthy and to have next year in peace and a good one. Goodbye. Goodbye.