Spain's Naturgy says 2023 net profit rises 20%, sees volatility in 2024
MADRID, Feb 27 (Reuters) - Spanish power company Naturgy said on Tuesday its 2023 net profit rose more than 20% but didn’t give a guidance for this year due to “extreme” volatility of the energy markets and unexpected weather conditions.
The company has benefited from strong earnings from its liberalized operations, which include renewables and liquefied natural gas businesses, as it assuaged investors by increasing its dividend floor through 2025 while trimming expected investment.
Net profit rose to 1.99 billion euros ($2.16 billion) from 1.65 billion euros, beating the 1.94 billion euros expected by analysts polled by LSEG.
The results reflect “the soundness of our industrial plans and prudent financial management,” Executive Chairman and CEO Francisco Reynes said.
Shareholders will receive a dividend of 1.40 euros a share for 2023, in line with its dividend policy.
($1 = 0.9212 euros)
(Reporting by Pietro Lombardi, editing by Inti Landauro)
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