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Enagas’ net profit up in H12020

Oil&Gas Materials 29 July 2020 12:05
Enagas’ net profit up in H12020

BAKU, Azerbaijan, July 29

By Leman Zeynalova – Trend:

In the first half of 2020, Spanish Enagás generated a net profit of 236.3 million euros, 9.4 percent more than in the same period of the previous year, Trend reports citing the TAP AG consortium.

“This result is in line with the targets established for the whole year and is mainly due to non-recurrent positive income of 18.4 million euros due to exchange rate differences. The company has intensified its plan to control and save on overheads to avoid anything that is not essential for business continuity and for maintaining current and future activity and employment. Enagás has a solid financial structure, with more than 80 percent of its debt at a fixed rate and no significant maturities until 2022,” the company said in its report.

In the second quarter, the company carried out an analysis of its main investments (impairment test), in accordance with the IAS 36 accounting standard, concluding that it is not necessary to make any value adjustments to these investments in Enagás' balance sheet.

Along these lines and with the data available at the close of the first half year results, the company is maintaining its year-end net profit estimate of 440 million euros.

It also ratifies the commitment made to its shareholders to increase the dividend by 5 percent a year in 2020, at least 1 percent a year for 2021, 2022 and 2023, and a long-term sustainable dividend in the period 2024-2026.

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