BAKU, Azerbaijan, July 26. Spanish energy company Enagas reported total revenue of €442.5 million for the first half of 2024, a decrease of 1.7 percent compared to the same period in 2023, Trend reports via the company.
The decline in regulated revenue was partially mitigated by increased other revenues, including contributions from COPEX and the positive impact of the Musel E-Hub terminal, which was commissioned in July 2023.
Operating expenses for the first half of the year fell by €8.7 million to €159.0 million, a 5.2 percent decrease from the previous year, primarily due to reduced audited costs. Recurring operating expenses rose by 1 percent, in line with Enagas's commitment to limiting annual growth in recurring operating expenses to approximately 1 percent CAGR through 2026.
Enagas saw strong performance from its affiliates, with their contribution reaching €102.1 million by June 30, 2024. This includes the positive impact of a 4 percent additional stake in TAP, which added €6.6 million to the semester’s results.
Net profit for the first half of 2024, excluding asset rotation impacts, was €148.0 million, marking a 10 percent increase from the previous year. However, including the effects of asset rotation—specifically the sale of Tallgrass and the Morelos Gas Pipeline - net profit was €-210.8 million. This includes an accounting loss of approximately €361 million from the sale of Tallgrass, which is expected to close by the end of July 2024.
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