BAKU, Azerbaijan, October 25. Spanish Enagas company expects a year-end profit after tax of between 380 and 390 million euros and to reduce, for the second consecutive year, net debt, which at the end of the year will stand at around 3.7 billion euros, Trend reports citing the company.
In addition, the cash flows generated are sufficient to guarantee the dividend policy, which is expected to increase by 1 percent in 2022 compared to 2021, the company said in its latest report.
Enagás’ net profit at 30 September 2022 amounted to 353.4 million euros, 15 percent more than in the same period last year, in line with its Strategic Plan 2022-2030 and the targets set for the end of the year.
“The results were aided by the successful implementation of the company’s Efficiency Plan, which has allowed recurring expenses to evolve well below current inflation figures. This result includes non-recurring effects of the operations announced in July: the capital gains from the sale of GNL Quintero and the entry of the Hy24 Fund in the capital of Enagás Renovable, as well as the impairment in Tallgrass. In addition, both cash flows and debt have evolved in line with the projections of the company’s Strategic Plan 2022-2030 and in line with the third quarter budget. More than 80 percent of our debt is hedged at fixed rates, which allows us to mitigate the impact of current interest rates.”
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