Naturgy Says 1st Half Profit Rose; Gemini Project Schedule Likely to Be Adjusted

By Giulia Petroni

Naturgy Energy Group SA said Thursday that net profit rose in the first half of the year and the execution schedule of its Gemini project is likely to be adjusted due to market volatility.

The Spanish utility reported a net profit of 557 million euros ($571.7 million) in the period, up from EUR484 million a year earlier.

The result included EUR126 million in provisions related to the first-instance conviction sentence against Chilean subsidiary Metrogas SA for a series of lawsuits filed by Transportadora De Gas Del Norte SA, Naturgy said.

Earnings before interest, taxes, depreciation and amortization came in at EUR2.05 billion from EUR1.68 billion the previous year.

Sales increased to EUR16.74 billion from EUR9.13 billion, mainly as a result of higher energy prices.

Naturgy said the board has approved a first interim dividend of EUR0.3 a share for 2022.

In regards to project Gemini, a plan to reorganize the company's businesses into two large listed groups, Naturgy said the scheduling will likely be adjusted due to market volatility, the evolution of the European energy context and numerous regulatory uncertainties. It previously said it aimed to execute the project during the current year.

Write to Giulia Petroni at [e-mail]

(END) Dow Jones Newswires

08-11-22 0915ET