Naturgy Earns 777 Million Until September, 58.6% More Than A Year Ago
Naturgy has obtained a net profit of 777 million euros in the first nine months of the year, which represents an increase of 58.6% compared to the same period of the previous year . The earnings up to September of the group chaired by Francisco Reynés include the net capital gains of 187 million euros corresponding to the divestments of the electricity business in Chile and the participation of Unión Fenosa Gas (UFG) in Egypt. The group’s ordinary profit in these first nine months of the year amounted to 865 million euros, 28% more than in the same period of 2020.
The gross operating profit (Ebitda) of the energy company in the period from January to September stood at 2,560 million euros, with a slight drop of 1.2% compared to the same period of 2020 and 217% lower than that of 2019 , without thus recovering the levels prior to the pandemic. Ordinary Ebitda was 2,990 million, 6% higher than in 2020 and 6% lower than in 2019.
Naturgy has highlighted these results in an environment of volatility in the international gas markets and regulatory uncertainty in the energy sector. However, the company has indicated that it has experienced a recovery in demand until September, as well as a slight expansion of its gas margins in international markets of a temporary nature as a result of their volatility. These effects have been offset by greater downward pressure on the electricity supply margins due to the increase in the prices of the electricity pool in Spain.
Despite this volatility in the international energy context and regulatory uncertainty, which prevent extrapolating the results of the third quarter to the rest of the year, the company plans to close the year 2021 with an Ebitda of between 3,800 and 3,900 million euros.
On the other hand, the group’s investments amounted to 900 million euros in the period, mainly focused on the business of renewable generation and energy distribution network infrastructures. The balance of the energy company has also been reinforced, with a net debt as of September of 11,400 million euros, 16% lower at the end of 2020.
