Spain’s Enagas reports lower profit in 2023

Spanish LNG terminal operator Enagas reported a decline in its profit in 2023 compared to the year before.

Enagas’ profit after tax (PAT) reached 342.5 million euros ($369 million) last year.

This marks an 8.8 percent decrease compared to 375.8 million euros in 2022.

Enagas previously reported a 26.7 percent decline in its profit in the first nine months of 2023 to 258.9 million euros.

According to Enagas, 2023 net profit is in line with its 2022–2030 strategic plan and above the target set for the year.

“In line with its good performance with regard to PAT, the company’s Ebitda for 2023 stood at 780.3 million euros,” Enagas said.

Ebitda dropped 2.2 percent compared to 2022.

The company’s total revenues as at December 31 2023 amounted to 919.6 million euros, down 5.2 percent year-on-year.

The company forecasts a 2024 PAT of 260–270 million euros, Ebitda of 750–760 million euros, and a net debt in the vicinity of 3.4 billion euros.

Spanish gas demand down

Enagas previously said that total natural gas consumption in Spain last year amounted to 325.4 TWh, a decrease of 10.7 percent compared to the previous year, which is due to lower demand for electricity.

The company’s data showed that total natural gas imports fell to 397.8 TWh in 2023 from 442.9 TWh in the year before, while LNG imports reached some 272 TWh, down from some 318 TWh in 2022.

In 2023, Spain led the world’s non-producers in LNG re-exports with 22.1 TWh, Enagas previously said.

The firm said on Tuesday that it was the world’s largest bunkering operator in 2022, with 157 ship refueling operations carried out during the year, 26 percent more than in 2022.

“Spanish regasification plants received natural gas from 17 different countries last year, and interest in contracting long-term LNG storage services remains high,” Enagas said.

Total demand, including exports, fell by 7.3 percent in 2023, largely due to a 30.7 percent reduction in gas demand for power generation after recording the highest level since 2010 in 2022, Enagas said.

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