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Enagas makes net profit, to reduce debt by late 2022

Oil&Gas Materials 27 April 2022 13:56 (UTC +04:00)
Enagas makes net profit, to reduce debt by late 2022
Laman Zeynalova
Laman Zeynalova
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BAKU, Azerbaijan, April 27. Spanish Enagas has made a net profit of 69.3 million euros in the first three months of the year, Trend reports with reference to the company.

This result is in line with expectations for the quarter and with the objectives for 2022. The estimated net profit target for the end of the year is more than 430 million euros. This figure includes capital gains from the asset rotation process initiated by the company. Excluding capital gains, the expected profit would be 360 million euros.

In 2022, Enagás will reduce net debt for the second consecutive year thanks to solid cash generation. The company has more than 80 percent of its debt at a fixed rate and excellent liquidity: 3,436 million euros as at March 31, 2022. The cash flows generated allow it to guarantee a shareholder remuneration of 1.72 euros per share for 2022, which is up by 1 percent on 2021.

Estimated net profit for the end of the year will exceed 430 million euros. This figure includes capital gains from the asset rotation process initiated by the company.

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