Naturgy 1st Half Net Profit Soared on Positive Operating Performance

   By Giulia Petroni 
 

Naturgy Energy Group on Monday said that net profit jumped in the first half of the year as results were supported by a positive operating performance despite a decrease in energy prices and persistent volatility.

The Spanish utility said net profit came in at 1.04 billion euros ($1.16 billion) in the period compared with EUR557 million a year earlier, supported by a strong performance of liberalized activities as well as a strong deleverage.

Earnings before interest, taxes, depreciation and amortization increased to EUR2.85 billion from EUR2.05 billion the previous year.

Sales were down 28% on year to EUR12.05 billion from EUR16.74 billion, mainly as a result of exceptionally high prices in the previous year following Russia's invasion of Ukraine.

Net debt was reduced to EUR10.75 billion as of June 30 from EUR12.07 billion at the end of 2022, Naturgy said, adding that financial management and capital discipline remained a core focus in the first half due to regulatory uncertainty and volatility.

The company said the first interim dividend for 2023 has been set at EUR0.5 a share.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

July 24, 2023 03:18 ET (07:18 GMT)

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