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Naturgy sees full-year core profit at 4.8 bln euros as gas prices soar

MADRID, Nov 11 (Reuters) – Spanish power utility Naturgy (NTGY.MC) said on Friday it expects its full-year core profit to reach 4.8 billion euros ($4.94 billion) as soaring gas prices offset volatility in energy markets and heightened regulatory uncertainty.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) in the first nine months of the year were up 37% at 3.5 billion euros, surpassing the 3.45 billion euros the company booked in the full 2021.

The group also forecast it would end the year with a net debt position similar to 2021, when it stood at 12.83 billion euros.

Energy prices have hit record highs this year following the Russian invasion of Ukraine, inflating utilities’ profits in the region.

Naturgy’s net profit rose to 1.06 billion euros between January and September from 777 million euros in the same period last year, the company said in a statement.

Naturgy said the results reflected the recent agreement with Algeria’s state-owned Sonatrach revising gas prices for volumes supplied until the end of 2022.

The company added it will pay out a second interim dividend of 0.40 euros per share in cash on Nov. 18.

($1 = 0.9696 euros)

Reporting by David Latona; Editing by Inti Landauro and Louise Heavens

Our Standards: The Thomson Reuters Trust Principles.

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