Naturgy Swung to 2021 Net Profit on Higher Sales

By Giulia Petroni and Joshua Kirby

Naturgy Energy Group SA said Friday that it swung to a net profit in 2021 as sales surged.

The Spanish energy company booked a net profit of 1.21 billion euros ($1.38 billion) for the full year, swinging from a loss of EUR347 million the previous year, when it booked a writedown of EUR1.09 billion resulting from an asset valuation review.

The result was in line with analysts' forecasts of net income at EUR1.2 billion for the year, according to a consensus of nine estimates compiled by FactSet.

Earnings before interest, taxes, depreciation and amortization came in at EUR3.53 billion, rising from EUR3.45 billion previously. Net sales climbed sharply on year to EUR22.14 billion from EUR15.35 billion previously while net debt at year end fell to EUR12.83 billion, the company said.

Naturgy will propose a dividend of 50 European cents a share for 2021.

Write to Giulia Petroni at [e-mail] and to Joshua Kirby at [e-mail]; @joshualeokirby

(END) Dow Jones Newswires

02-04-22 0307ET