Naturgy increased its profit by 88% between January and June, to 1.045 million

naturgy realized a net profit of 1.045 million euros in the first half of the year, which represents a growth of 87.6 percent compared to the same period last year, the company reported. The energy he presides over Francisco Reynes He pointed out that this result was supported by “good results of international liberalized activities, especially energy management and commercialization activities, and the positive development of the financial result, which reflects the strong deleveraging achieved in the period”. The group’s gross operating result (ebitda) was 2,849 million at the end of June, with an increase of 39.2% compared to the first half of 2022.

Likewise, Naturgy announced that on August 7, it will pay a dividend on account of the results of 2023, the first, from €0.50 per share. This amount is 66% higher than the EUR 0.30 that the group paid to its shareholders in the first interim dividend in 2022.

The board of directors determined the lower annual dividend for the period 2023-2025. to EUR 1.40 per share, compared to the previous EUR 1.20, provided that the evaluation from BBB by the rating agency S&P. This new soil is in accordance with payment an average of 85% due in July 2021 and, at current share prices, represents a return of more than 5% and “compensates the company’s thousands of shareholders for rising costs due to interest and inflation,” the company said.

Updating the strategic plan

This upward dividend revision is part of the dividend update Strategic plan that the group had already made progress on July 12, after closing the gap opened up in its council by the possible appointment of a chief executive, after exceeding all its targets set in the middle of the plan. Therefore, Naturgy expects to reach an ebitda of 5,100 million euros in 2025, compared to 4,800 million euros from the previous forecast; and net profit of 1,800 million, 20% more than the previously estimated 1,500 million.

On the other hand, investments amount to 13,200 million euros, which is slightly lower than the 14,000 million previously planned for the period 2021-2025. Of the total investments planned from 2023 to 2025, 61% will be directed to the development of renewable energy sources, and 28% to network operations.

debt reduction

Meanwhile, Naturgy reduced its position net debt from EUR 12,070 million at the end of 2022 to EUR 10,752 million at the end of June. Thus, the ratio of net debt to EBITDA decreased from 2.4 times to 1.9 times. In this way, the energy company maintains a liquidity position with 10.108 million euros of available cash and equivalents and undrawn credit lines at the end of the first half of 2023.

As for investments in the first six months of 2023, they amounted to 839 million euros, which is an increase of 16.4% compared to the same period of the previous year. Almost 65% is allocated to renewable growth and network development, both in Spain and Latin America.

Reynés pointed out that these results “maintain the positive evolution of those we have already presented to the market in line with 2022 and exceed the goals of operational efficiency, cash generation, investment materialization and debt reduction.” In addition, the manager felt that “they show the strength of the company’s industrial plan, which allows us to transform mixed thanks to a firm commitment to investment, while consolidating our role as guarantor of the security of energy supply in Spain”.