Naturgy shoots up profits by 20% and sticks out its chest in the middle of the tax debate: "Yes, it is one of the best results in history and we are not going to hide"

Paula María Madrid

Madrid

Updated Tuesday, February 27, 2024-12:39

Naturgy

has exceeded the expectations it set last November.

The first Spanish gas company and the third largest electricity company in the country, reached close to

2,000 million euros in profit

at the end of the year, 20.4% more than in 2022. With the sector once again pending the Government's future reform of the tax on its income, the president of the company,

Francisco Reynés

, has stuck out his chest: "Yes, they are some of the best results in the history of the company and we are not going to hide because of it."

The gas company mobilized a record investment volume in 2023, of almost

3,000 million euros

, 53% more than the previous year.

66

% of the total went to Spain

.

The home market continues to contribute 59% of the group's ebitda (gross operating profit), compared to the 41% contributed by the rest of the geographies.

"We have not stopped investing in any of the businesses, but it is clear where our focus is," Reynés said today before the media.

And the company's green turn is evident.

Of the total investment, Naturgy allocated

88% to businesses linked to electricity, compared to 12% allocated to gas

.

Naturgy's ebitda exceeded

5.4 billion

in 2023, 10.5% more than in 2022, maintaining a balanced

mix

between the contribution of regulated and liberalized activities, which represented approximately 47% and 53% of ebitda, respectively. .

The year was marked by a reduction in gas and electricity prices towards historical average levels.

"The price of gas has fallen by more than 60% between 2022 and 2023 because the entire speculative component of the war in Ukraine has been eliminated, which, unfortunately, continues," said Reynés, who has contrasted the case of the price of oil, which has fallen less than 20% in this same period.

Neither change of headquarters nor new CEO

Reynés has responded briefly and forcefully to questions from the media about some of the rumors swirling around the company.

The manager has denied that today there is any debate about a possible change of Naturgy's headquarters to Catalonia.

Regarding what the company's position would be regarding a request from the Government in this regard, Reynés has avoided commenting on the future:

"I say what has been done, I do not talk about the future

. "

Regarding the appointment of a CEO who would share or assume the executive functions currently concentrated by Francisco Reynés, the president has denied that in view of the Shareholders' Meeting, scheduled for next April 2, there are any anticipated appointments or renewals on the Board.