Fluxys Belgium sees significant drop in investments
BAKU, Azerbaijan, Sept.24
By Leman Zeynalova – Trend:
In the first half of 2020, investments in property, plant and equipment by Fluxys Belgium Group amounted to €17.1 million, compared with €45.2 million in the first half of 2019, Trend reports with reference to the company.
The report released by the company shows that €6.1 million of these investments went to LNG infrastructure projects and €10.5 million to transmission projects.
The Fluxys Belgium Group generated turnover of €284.2 million in the first half of 2020. This represents an increase of €24.1 million compared with the same period in 2019, when turnover was €260.0 million. Net profit rose from €31.4 million to €36.6 million. The increase in regulated turnover and net profit is mainly due to the commissioning of the fifth storage tank for transshipment services in Zeebrugge in late 2019 and is in accordance with the tariff methodology and the associated authorised manageable costs and incentives for the period 2020-2023.
Despite the widespread impact of the coronavirus outbreak, all of Fluxys Belgium's essential services remained operational and the company focused fully on its vital role towards society and its customers: ensuring safety and continuity of gas supply. At the same time, all necessary steps were taken to protect the health of our employees and contain the pandemic.
Under the current tariff methodology, the net profit from Belgian regulated activities is determined based on various regulatory parameters, including equity invested and financial structure. The recurring dividend will continue to evolve mainly in accordance with these parameters. Based on the information available at the time of this report, we do not anticipate any significant negative impact of the COVID-19 pandemic and the resulting market developments on the consolidated result of Fluxys Belgium Group.
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