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Naturgy increased profits by 36% in the year to September after increasing turnover by 85%


As indicated by the Spanish energy company in the presentation sent on Friday to the National Securities Market Commission (CNMV), “the results reflect the retrospective effect of the price contract with “Sonatrach” for gas supply for 2022 and include the results. The breakdown of the final gas sales price with their current hedges indexed in the TTF Forecast”, referring to the European gas market.

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As of September, the company reported gross operating profit (Ebitda) of 3,502 million, up 36.8%, “in an environment of continued high volatility in the international energy market and at a time of high regulatory uncertainty”.

Compared to 2021, “the growth of activities in Spain led to an increase of 407 million in EBITDA, while global activities contributed an additional 535 million.”

The multinational company has made public its best estimate of EBITDA for this year, which is approximately 4,800 million, “not including the new financial figures that need to be registered in the current year.” NatureG is the only major energy company that has yet to confirm whether it will adopt a tax on energy companies, which is currently being processed by parliament, and the government has proposed removing the reduced profits from skyrocketing energy companies. Oil and gas prices rose due to the war in Ukraine.

The company indicates that it “faces the end of the year focusing its interests on meeting the strong demand of gas consumers” by subscribing to the government-subsidized regulated gas rate TUR (Last Resort Rate) during the flood, whose procedures are being investigated by the National Market and Competition Commission.

“For this, simple and urgent measures are being sought to facilitate the agreement”. Naturgy has “increased the number of agents attending to its clients’ requests by x12, reaching an average of more than 5,000 contacts per day across all available channels”.

Naturgy, a leading provider of regular gas tariffs with nearly 1.2 million customers and a “nearly 77%” market share, has managed around 63,000 new requests for TUR contracts since last month.

Naturgy “maintains its commitment to invest 14,000 million euros in organic development in the framework of its 2021-2025 strategic plan”. As of September, investments have increased by 26% to 1,119 million, “mainly intended for the development of its gas and electricity distribution network, renewable electricity generation and development of renewable gases.”

Net loans stood at 10,252 million as of September 30, down 10.3% from a year ago. This figure “does not reflect related cash flows expected in the last quarter, such as the amortization of hybrid bonds.” The company expects to close the year with debt levels on par with last year.

Its board of directors has approved a second interim dividend for 2022, at 0.40 euros per share, equal to the previous year, as planned in the group’s 2021-2025 strategic plan. It will be paid in cash on November 18.

Source: eldiario.es/

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