ENAGAS increases 1Q24 profit by 19%

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Total demand for natural gas fell by -4.0% in 1Q2024 compared to the same period in 2023. But the company’s total revenues as of 31 March 2024 remained the same as in 1Q23: €220.5 million.

EBITDA at 31 March 2024 stood at €178.3 million, 2.7% higher than in 1Q2023 and on track to meet ENG’s annual target of €750 – 760 million.

EBIT decreased by 3.1% year-on-year in 1Q2024 to €92.9 million.

In addition, as of 31 March 2024 ENG recorded a negative financial result of €19.1 million, compared to a loss of €25.3 million in the same quarter a year earlier. The financial cost of gross debt at 31 March 2024 stood at 2.8%, slightly higher than the financial cost of gross debt at 31 December 2023 (2.6%).

Profit before tax (PBT) increased by 4.5% year-on-year to €73.6 million. And profit after tax as of 31 March 2024 amounted to €65.3 million, on target to reach ENG’s annual target of €260 – 270 million.

At 31 March 2024, net financial debt remained stable compared to 31 December 2023. At the end of 1Q2024, the company had a strong liquidity position of €3,131 million between cash and undrawn credit lines.

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