BAKU, Azerbaijan, November 27. Spanish energy company Enagás recorded a net profit of €233.5 million as of September 30, 2024, marking a 7.8% increase compared to the same period in 2023, when excluding the impact of asset sales, Trend reports.
However, when factoring in the asset rotation from the sale of its stake in Tallgrass Energy in 2024 and the Morelos gas pipeline in 2023, the company posted a net loss of €130.2 million. This figure reflects a €363.71 million accounting loss from the Tallgrass transaction.
Despite the asset rotation impact, Enagás’ net profit for the first nine months of 2024 surpassed the company’s updated annual guidance, which projected net results between €270 million and €280 million, or a loss between €90 million and €80 million when accounting for the Tallgrass sale.
The company recorded a financial loss of €48.9 million, excluding asset sales, representing an €18 million improvement over the same period last year. This improvement was attributed to increased financial income from cash management and debt reduction following the Tallgrass divestment.
The financial cost of Enagás’ gross debt stood at 2.7% as of September 30, with projections to decline to 2.6% by the end of 2024 and further to 2.4% by 2026. Net debt is expected to stabilize at approximately €2.4 billion by the end of 2024 and remain unchanged through 2026.
Follow the author on X: @Lyaman_Zeyn
