BAKU, Azerbaijan, March 2
By Leman Zeynalova – Trend:
Naturelgaz, subsidiary of Global Investment Holdings, the owner of SOCAR Turkey's LNG and CNG distribution operations, recorded 26.2 million Turkish liras ($1.88 million) as of 2021, Trend reports with reference to Turkish media.
The sales revenues of Naturelgaz increased by 54 percent to 696.4 million liras ($50.02 million) in 2021. The gross profit of the company, which increased by 15 percent compared to the same period of 2020, was 137 million liras ($9.8 million), and the net profit for the period was 26.2 million liras ($1.88 million). The company's 2021 sales volume increased by 17 percent in the same period, reaching 202.9 million cubic meters.
The company's profit before interest, depreciation and tax (EBITDA) amounted to 95.9 million liras ($6.88 million). The net financial debt of Naturelgaz, which was 105.3 million liras ($7.56 million) at the end of 2020, stood at 12.8 million liras ($919,488) net cash surplus at the end of 2021.
The agreement between Naturelgaz and SOCAR Turkey on the takeover of SOCAR Turkey LNG was inked on February 6, 2020. However, the Energy Markets Regulatory Authority of Turkey (EPDK) didn’t give a green light to this transaction, since it was contradicting with the law of the Natural Gas Market. Therefore, after some changes in the agreement, the transaction was realized in November 2020. Naturelgaz has paid 32.411 million Turkish liras ($3.8 million) for the transaction.
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