The Diplomat
Naturgy obtained a net profit of 1,045 million euros in the first half of the year, which represents an increase of 87.6% compared to the same period last year, the company informed the National Securities Market Commission (CNMV).
The energy company, chaired by Francisco Reynés, highlighted that this result was supported by “the good performance of the international liberalised activities, in particular the Energy Management and Commercialisation activities, and the positive evolution of the financial result, which reflects the strong deleveraging achieved in the period”.
The group’s gross operating profit (Ebitda) at the end of June stood at 2,849 million euros, an increase of 39.2% compared to the first half of 2022.
Naturgy also announced an interim dividend of 0.50 euros per share on 7 August against 2023 results. The board of directors has set the annual dividend floor for the period 2023-2025 at 1.40 euros per share, compared to the previous 1.20 euros per share, conditional on maintaining a rating of ‘BBB’ byS&P.
In general, the energy company’s international deregulated activities continued to benefit from the energy scenario of the last twelve months, while regulated activities experienced a slight increase compared to the first half of 2022, reports Europa Press.
Meanwhile, the Networks businesses reported EBITDA of Euro 1,261 million in the first six months of 2023, up 5.3%. Thus, the Networks businesses contributed 43% of the Group’s Ebitda in the first half of 2023.
The Networks business in Spain was mainly affected by lower remuneration and demand, especially in gas, as a result of mild temperatures and lower industrial demand, while the Networks business in Latin America benefited mainly from tariff updates reflecting inflation in previous periods.
Meanwhile, the liberalised activities or Markets businesses were responsible for most of the energy company’s performance compared to H1 2022, recording an aggregate Ebitda of EUR 1,677 million, up 84.1% compared to H1 2022, with the Energy Management and Trading businesses contributing most of this growth in the period. In this way, the Markets businesses contributed 57% to the company’s Ebitda in the first half of the year.
Meanwhile, Naturgy reduced its net debt position from 12,070 million euros at the end of 2022 to 10,752 million euros at the end of June. Thus, net debt over Ebitda decreased from 2.4 times at the end of last year to 1.9 times in the first half of 2023.
As a result, the energy company maintains a liquidity situation with 10,108 million euros in available cash and cash equivalents and undrawn credit lines at the end of the first half of 2023.
Investments in the first six months of 2023 amounted to 839 million euros, an increase of 16.4% compared to the same period last year.
