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Naturgy: a 35% increase in net profit by 2022

Naturgy recorded a 35% increase in net profit, driven by the surge in energy prices on the world markets. This performance, which exceeded analysts' forecasts, enabled the Spanish giant to reduce its debt and accelerate its investments, particularly in the renewable energy sector. An ambitious strategy for the future of the company that confirms its position as a leader in the energy sector in Spain.

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Naturgy reported strong financial results for the year 2022. Net income increased by 35% from 1.21 billion euros in 2021 to 1.65 billion euros last year. This figure is higher than analysts’ forecasts, who were expecting an average profit of 1.55 billion euros. Naturgy’s revenue amounted to 33.9 billion euros in 2022, an increase of 53.4% compared to the previous year.

 

Sharp increase in gas prices and investment in renewable energy

Naturgy explains this dynamic by the surge in gas prices on the global markets in 2022, due to the war in Ukraine, which led to a decrease in gas purchases from Russia. This situation has enabled Naturgy to reduce its debt from 5.9% to 12 billion euros and to accelerate its investments, particularly in renewable energies. In fact, the Spanish group has invested 1.9 billion euros in one year, 70% in the renewable sector, according to a press release.

 

Geminis, a project suspended because of the war in Ukraine

Despite these positive results, Naturgy has had a turbulent year in 2022, with recurring market rumors about a possible entry into its capital of European energy heavyweights. The group had announced at the beginning of February a project to split into two listed companies, called Geminis. This restructuring was to separate its regulated activities (transmission and distribution) from its marketing activities. However, this project was suspended due to the war in Ukraine. Naturgy assures however not to abandon this project and to continue to explore other options.

 

Optimistic outlook for 2023

The Spanish group is optimistic for the year 2023. It plans to continue investing in renewable energy, with a goal of 6.5 gigawatts of installed renewable energy by 2025, an increase of 2.5 gigawatts over its previous forecast. Naturgy also wants to strengthen its presence in green energy in Latin America and Europe.

 

In summary, Naturgy has recorded strong growth in 2022, thanks to soaring gas prices and its investments in renewable energy. The Spanish group remains optimistic for the future, despite the temporary suspension of its plan to split into two listed companies.

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