By Nina Kienle

Naturgy Energy Group reported a higher net profit for 2023, despite lower energy prices weighing on the company's sales.

The Spanish natural-gas and power utility said on Tuesday that it increased net profit to 1.99 billion euros ($2.16 billion) from EUR1.65 billion the prior year. The company said its result was supported by the strong performance of both regulated and unregulated activities abroad as well as renewable generation and supply in Spain.

Earnings before interest, taxes, depreciation and amortization amounted to EUR5.48 billion, up from EUR4.95 billion, with rises in gas networks, renewables generation, supply and energy management offsetting declines in electricity networks and thermal generation.

Revenue was EUR22.62 billion, falling from EUR33.97 billion, as a result of the high energy prices in 2022 caused by the start of the Ukraine war, the company said.

Analysts had expected a net profit at EUR1.97 billion and sales of EUR28.21 billion, according to consensus estimates compiled by Visible Alpha. Ebitda was estimated at EUR5.37 billion.

The company said it plans to raise its dividend to EUR1.40 a share from EUR1.20 a share the previous year.

For 2024, the company guides for an investment plan of around EUR3 billion with a focus on renewables.

Write to Nina Kienle at

(END) Dow Jones Newswires

02-27-24 0339ET