• International assets and equity of latest acquisitions have made a significant contribution to net profit
• Standard & Poor's has maintained Enagás's long term rating at “A-”, with stable prospects and an "Excellent business risk profile”
• The company is now the world leader in the Gas Utilities sector on the Dow Jones Sustainability Index (DJSI)
• Industrial demand grew by 2.2% over the first nine months of the year, in line with the evolution of the Spanish economy.
Enagás reported a net profit for the first nine months of 2016 of €317.4 Mn, a 1.5% increase on last year's figure. With this result, the company is on course to meet, and even exceed, the targets for the financial year.
Significant contributing factors to these results included, among others, international assets and the equity raised from recent acquisitions, mainly the Sagunto Regasification Plant (Saggas) equity capital increase from 30% to 72.5%, and the increase in share ownership in the company Transportadora de Gas de Perú (TgP) from 24.34% to 25.98%.
Investments
During the first nine months of the year, the company invested a total of €598.4 million. In addition to the Saggas and TGP equity capital increases, a key investment was the increase in share ownership in the Quintero GNL Plant in Chile to 40.4% and investments in international pipeline projects such as the Gasoducto Sur Peruano (GSP) and the Trans Adriatic Pipeline (TAP).
The agreements reached by September strengthen Enagás's position with regard to assets already held by the company, and that fit in with its core business and with its established profit and debt targets.
