Wednesday, December 7

Naturgy shoots up its profit by 36% until September after increasing its turnover by 85%


As indicated by the Spanish energy company in a presentation sent this Friday to the National Securities Market Commission (CNMV), the results “results reflect the retroactive effects of the price agreement with Sonatrach” for the supply of gas for 2022 “and incorporate the effects estimates of the decoupling of the final gas sales prices with their current hedges indexed to TTF”, the reference for the European gas market.

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Until September, the company has registered a gross operating profit (Ebitda) of 3,502 million, 36.8% more, “in an environment of persistent high volatility in the international energy markets and at a time of high regulatory uncertainty”.

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

The multinational has made public its best estimate of EBITDA for this year, which has been estimated at around 4,800 million, “not including new fiscal figures that must be registered in the current year.” Naturgy is the only large energy company that has not yet confirmed whether it will resort to the tax on energy companies that is currently being processed by parliament and that the Government has proposed to drain the profits that fell from the sky of energy companies due to the rise in oil and gas prices due to the War in Ukraine.

The company indicates that “it is facing the end of the year focusing its interest on meeting the strong demand of gas customers” by subscribing to the regulated gas rate TUR (Last Resort Rate), subsidized by the Government, at a time of a flood of requests whose processing is being investigated by the National Markets and Competition Commission.

“For this, easy and urgent solutions are being sought to facilitate said contracting”. Naturgy “has multiplied x12 the agents that attend to the requests of its clients, reaching a daily average of more than 5,000 contacts in all available channels”.

Naturgy, the leading company in the supply of the regulated gas rate with nearly 1.2 million customers and a market share “close to 77%”, has managed since last month nearly 63,000 new requests for the contracting of the TUR.

Naturgy “maintains its commitment to invest 14,000 million euros in organic development within the framework of its 2021-2025 Strategic Plan”. Until September, investments grew by 26% to 1,119 million, “mainly intended for the development of its gas and electricity distribution networks, renewable electricity generation and the development of renewable gases.”

Net debt as of September 30 stood at 10,252 million, 10.3% less than a year ago. This figure “does not reflect the relevant cash outflows expected in the last quarter, such as the amortization of the hybrid bond.” The company expects to close the year with an indebtedness in line with the previous year.

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



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