Naturgy doubles its dividend in the first half of 2023

The energy crisis is abating, but corporate accounts in the sector continue to receive significant tailwinds. Naturgy reported a total operating result (Ebitda) of €2,849m in the first quarter of 2023, up 39% over the same period in 2022. Net profit was €1,045m, nearly 88% more. The company explains in A note was sent Monday to the National Commission on the Stock Exchange (CNMV)..

Fenosa’s ex-free-market natural gas activities posted a total result of €1,261 million (about 60% of the total), proving once again that it is the most profitable – although also the most volatile – in times of turmoil, with energy management and marketing at the forefront.

The networking business, for its part, recorded a total operating profit of 1,261 million euros, up 5% from the previous year, after it was “mainly affected by lower wages and demand, especially in gas, as a result of moderate temperatures and lower industrial demand.” This slowdown was partially offset by Latin America, where “tariff modernization [que percibe Naturgy como propietario de la infraestructura] They have reversed the inflation of previous periods.”

The net debt of Spain’s second largest energy company increased from 12,070 to 10,752 million euros between the first half of 2022 and the first half of 2023, thanks in large part to the good performance of its main lines of business during the price crisis. The net debt to Ebitda ratio, one of the metrics investors look to most to assess a company’s financial health, fell from 2.4 to 1.9 times.

14% more cash

Naturgy finished the first half of 2023 with €4,555m cash on hand, up 14% over the same period a year earlier.

Investments increased by 16% between January and June – mainly in renewables – although the company headed by Francisco Renis has already announced that it will raise its foot in the near future to boost profits, a nod to its major shareholders. the Nature addresses They fell 2.5% in the early stages of the stock market session on Monday, and their tone is clearly bearish.

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