Enagás reports rise in net profit

Enagás has reported a 1.5% increase in net profit in 2015 to €412.7 million, compared to the previous year. This rise was above the company’s target growth of 0.5% forecast for the year. Enagás attributed this result to the contribution of affiliates, international projects and improved financial results.

The company invested €530.2 million last year, in line with its 2015 - 2017 Strategic Update. Of this amount, €324.1 million was targeted at international investments, including the 50% acquisition of Swedegas, the additional 4.34% purchase of TgP (Transportadora de Gas de Perú); and projects such as TAP (Trans Adriatic Pipeline), GSP (Southern Peruvian Pipeline), the  Morelos pipeline and the Soto La Marina Compression Station, in Mexico.

The company invested €206.1 million in Spain, including a 10% increase in the stake of the BBG plant, in Bilbao, where Enagás currently holds 50%; and the acquisition of 30% of the Saggas plant, in Sagunto.

Standard and Poor’s (S&P) also improved Enagás rating by two levels in 2015, from BBB to A- with a stable outlook. Fitch also maintained the company’s rating of A- stable over the long-term.

Edited from press release by Callum O'Reilly

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