NATURELGAZ ANNOUNCES FIRST-HALF 2024 FINANCIAL RESULTS
Naturelgaz Reports a Threefold Increase in Net Profit and Continued Sales Volume Growth
Naturelgaz, operating in the transported natural gas market, announced its financial results for the first half of 2024. Sales volume increased by 21% year-on-year to 155.9 million Sm³. Net profit increased threefold year-on-year to TRY 77.2 million, also reflecting the effects of inflation accounting.
Evaluating the Company’s financial and operational performance in the first half of 2024, Hasan Tahsin Turan, General Manager of Naturelgaz, said: “Our effective cost management and success in increasing sales volume had a significant positive impact on net profitability. We will continue working to deliver strong financial results in line with our strategic objectives.”
Naturelgaz, a subsidiary of Global Investment Holdings operating in the transported natural gas market, announced its financial results for the first half of 2024. Sales volume increased by 21% from 128.5 million Sm³ in the first half of 2023 to 155.9 million Sm³. The city gas business continued to account for a growing share of total sales volume, with sales increasing from 69.8 million Sm³ to 94 million Sm³. Bulk CNG sales were 58.7 million Sm³, while LNG sales volume rose from 1.2 million Sm³ in the first half of 2023 to 3 million Sm³.
Naturelgaz reported revenue of TRY 2.336 billion in the first half. Net profit increased threefold year-on-year to TRY 77.2 million, supported by higher sales volume and the effects of inflation accounting. EBITDA increased by 6% year-on-year to TRY 460 million. Effective cost management and volume growth supported an 8% increase in gross profit to TRY 575 million, while profit before tax rose by 89% to TRY 135 million.
“We Will Continue Working to Deliver Strong Financial Results”
Evaluating the Company’s financial and operational performance in the first half of 2024, Hasan Tahsin Turan, General Manager of Naturelgaz, said: “Our effective cost management and success in increasing sales volume had a significant positive impact on net profitability. We will continue working to deliver strong financial results in line with our strategic objectives.”
Turan noted that the 200% bonus capital increase completed on July 29 had raised the Company’s paid-in capital from TRY 230 million to TRY 690 million. He continued:
“On May 7, we paid a total dividend of TRY 320 million to our investors. On April 24, a credit rating agency affirmed our long-term national credit rating at (TR) AA- and our short-term national credit rating at (TR) A1+, with a stable outlook. This indicates a continued positive outlook for our Company.”
