BAKU, Azerbaijan, April 23. Enagas, the leading natural gas transmission company based in Spain, has announced robust financial results for the first quarter of 2024, Trend reports via the company.
Net profit for the quarter ending March 31, 2024, soared to €65.3 million, marking an impressive 19.5 percent increase compared to the same period in 2023. This significant growth trajectory indicates a favorable outlook for the company's financial performance. Enagas is confidently moving towards achieving its annual target range of €260–270 million.
Enagas also reported a steady growth in EBITDA, reaching €178.3 million by the end of March 2024. This figure represents a 2.7% increase compared to the corresponding period in 2023. The positive trend in EBITDA reflects the company's resilience and effective management strategies.
Several key factors have contributed to Enagas' positive financial development:
Revenue Stability: Despite the challenges posed by the regulatory environment, Enagas managed to maintain its revenue at the same level as the previous year's quarter. This achievement can be attributed to the contributions from COPEX investments and income generated from the Musel E-Hub plant.
Efficiency Plan Implementation: Enagas intensified its efficiency plan and exercised rigorous control over operating costs, maintaining stability in this area compared to the same period last year. This disciplined approach has bolstered the company's financial performance.
Affiliate Contributions: Enagas' affiliates delivered more positive results in the first quarter of 2024 compared to the previous year. Notably, the increased contribution from TAP (Trans Adriatic Pipeline) following the acquisition of an additional 4% stake in July 2023 has been instrumental in driving overall affiliate performance.
Funds from operations (FFO) experienced a substantial surge, rising from €81.6 million in the first quarter of 2023 to €163.3 million in the same period of 2024. This notable increase includes €40.9 million in dividends from affiliates. It's worth noting that the FFO for the first quarter of 2023 included the payment of capital gain tax related to the sale of GNL Quintero amounting to €67.5 million.
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