BAKU, Azerbaijan, October 24. In a recent financial update, Spanish Enagas company has reported a profit after tax (PAT) of 258.9 million euros for the first nine months of 2023, Trend reports.
This achievement signals a promising trajectory toward meeting the upper limit of the PAT target range, which falls between 310 and 320 million euros by the end of the year. Key factors contributing to this favorable outcome include the successful execution of the Enagas Efficiency Plan, allowing for the control of recurring expenses at the levels observed during the same period in 2022, effectively mitigating the impact of inflation.
The positive performance of Enagas' affiliates also played a significant role in this success, generating a noteworthy profit of 144.4 million euros in the third quarter. Notably, the PAT figure encompasses the net gain resulting from the finalization of the sale of the Morelos gas pipeline in Mexico, amounting to 42.2 million euros.
It's important to note that the results for the first nine months of 2022 featured certain one-off accounting impacts related to Tallgrass Energy, as well as capital gains derived from the sale of GNL Quintero and the entry of partners into Enagas Renovable. If we exclude these non-recurring items from the analysis, the net profit for the period would have experienced a decrease of 16.4 percent. This decrease is primarily attributed to a decline in regulated revenues by 45.9 million euros, largely attributed to the application of the 2021-2026 regulatory framework.
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