Naturelgaz Announces Financial Results for the First Quarter of 2024
Naturelgaz Starts the Year with Record Sales Volume as EBITDA Rises by 67% to Over TRY 320.8 Million
Naturelgaz, operating in the transported natural gas market, announced its financial results for the first quarter of 2024. EBITDA increased by 67% year-on-year to TRY 320.8 million, while operating profit rose by 112% to TRY 226.8 million. Gross profit increased by 70% compared with the first quarter of 2023 to more than TRY 377 million. Sales volume rose by 43% to 107 million Sm³, marking a record start to the year.
Commenting on the Company’s financial and operational performance in the first quarter of 2024, Hasan Tahsin Turan, General Manager of Naturelgaz, said: “We are continuing our investments this year to sustain strong financial results in line with our strategic objectives. We started the year with record sales volume of 107 million Sm³.”
Naturelgaz, a subsidiary of Global Investment Holdings operating in the transported natural gas market, announced its financial results for the first quarter of 2024. The Company continued to invest in expanding its facility infrastructure capacity, with total investment of TRY 28.5 million in the first three months of the year.
Naturelgaz began the year with record sales volume. Following an all-time annual high of 251 million Sm³ in 2023, sales volume in the first three months of 2024 increased by 43% year-on-year to 107 million Sm³, further strengthening the Company’s leading market position. The main driver of volume growth was the city gas business, where sales increased by 50% year-on-year to more than 77 million Sm³. Bulk CNG sales volume also grew by 19% year-on-year.
EBITDA increased by 67% year-on-year to TRY 320.8 million in the first quarter, while operating profit rose by 112% to TRY 226.8 million. Gross profit increased by 70% to more than TRY 377 million. Revenue declined by 7% year-on-year to TRY 1.4 billion, while net profit increased modestly to TRY 61.9 million. Despite positive developments in financial performance, inflation accounting contributed to the decline in revenue and limited growth in net profit.
“The Sakarya Facility Will Support Our Operations”
Commenting on the Company’s financial and operational performance in the first quarter of 2024, Hasan Tahsin Turan, General Manager of Naturelgaz, said:
“We are continuing our investments this year to sustain strong financial results in line with our strategic objectives. We started the year with record sales volume of 107 million Sm³. Although inflation accounting constrained our revenue and net profit figures, our financial results remain very strong.”
Noting that the Sakarya facility had commenced operations, Turan said: “We have centralized the operational infrastructure support provided to all our other facilities across Türkiye. This 4,250-square-meter facility will make an important contribution to the manufacture, refurbishment, maintenance and technical quality inspection of the equipment used in our operations, as well as warehouse integration.”
ÇAYKUR Tender Secured; Muş-Bulanık Solar Power Project Expected to Be Completed in the Final Quarter
Emphasizing that Naturelgaz continued its operations without interruption, Turan added:
“We won the LNG and CNG supply tender launched by the Directorate General of Tea Enterprises (ÇAYKUR) for 18 factories. The tender covers 325,000,000 kWh of energy, equivalent to 30,545,113 Sm³ of natural gas and 12.2% of our total sales volume in 2023. The contract value is TRY 529 million.
“Meanwhile, the environmental impact assessment process is ongoing for the planned 18,761.08 kWp solar power project in Bulanık, Muş. The project is expected to be completed and commissioned in the final quarter of this year, as planned.”
