BAKU, Azerbaijan, Oct.20
By Leman Zeynalova – Trend:
In the first nine months of 2020, Spanish Enagás company generated a net profit of 348.9 million euros, 4.7 percent more than in the same period last year, Trend reports with reference to the company.
This result, which is in line with the targets set for the whole year, is mainly due to the effort made in controlling operating and financial expenses and to nonrecurrent positive income of 18.4 million euros due to exchange rate differences, Enagas said in its report.
The report shows that at the closure of the third quarter results, the company is keeping its year-end net profit estimate, as well as its dividend commitment of 1.68 euros per share (+5 percent) for 2020, and its shareholder remuneration policy for the 2020-2026 period.
Enagás has a solid financial structure, with more than 80 percent of its debt at a fixed rate and no significant maturities until 2022.
As for main investments, Enagas said the Trans Adriatic Pipeline (TAP) project, which links Turkey with Italy via Greece and Albania, is substantially completed and its commercial commissioning is planned for the last quarter of 2020. Enagás has a 16 percent stake in this infrastructure project key for guaranteeing the security of Europe’s energy supply.
“In the United States, where Enagás has a 30.2 percent stake in Tallgrass Energy, the medium-term forecast is positive thanks to the sustained recovery in prices and demand. With regards to the North American market, production is expected to stabilise in 2021 and part of 2022, and to experience sustained growth thereafter in the medium and long-term,” said the company.
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