NATURELGAZ ANNOUNCES ITS 2024 THIRD-QUARTER FINANCIAL RESULTS
Naturelgaz increased its net profit sixfold
“It continued to increase its sales volume”
Naturelgaz, which operates in the transported natural gas market, announced its financial results for the third quarter of 2024. In the first nine months of the year, the Company increased its sales volume by 24% year-on-year to 215.2 million Sm3. Heading into the final quarter of the year, Naturelgaz increased its net profit approximately sixfold compared to the same period of the previous year, to TRY 131.1 million, driven by the growth in sales volume.
Evaluating the Company’s financial and operational performance for the nine-month period of 2024, Naturelgaz General Manager Hasan Tahsin Turan said: “We continue to see the successful results of the steps we took in previous periods towards effective cost management. Despite the application of inflation accounting, we completed the first nine months of the year with a net profit of TRY 131.1 million.”
Naturelgaz, a subsidiary of Global Yatırım Holding A.Ş. operating in the transported natural gas market, announced its financial results for the third quarter of 2024. The Company increased its sales volume by 24 percent, from 173.4 million Sm3 in the first nine months of 2023 to 215.2 million Sm3 in the same period this year. The share of the City Gas business line in Naturelgaz’s total sales volume also continued to rise. While the Company’s LNG sales volume rose from 2 million Sm3 to 3.5 million Sm3, bulk CNG sales increased by 14 percent year-on-year to 111.2 million Sm3.
In the first nine months of the year, Naturelgaz reported a net profit of TRY 131.1 million, an approximately sixfold increase compared to the same period of the previous year, driven by inflation accounting calculations and the increase in sales volume. Naturelgaz’s Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) remained flat year-on-year at TRY 682 million in the first nine months. The Company increased its gross profit by 1 percent year-on-year to TRY 856 million in the first nine months, while its profit before tax rose by a strong 138 percent to TRY 215 million, driven by efficient cost management and higher sales volume. Operating profit, which was TRY 395 million in the first nine months of last year, came in at TRY 356 million, also reflecting higher depreciation expenses resulting from the application of inflation accounting.
‘We continue to see successful results’
Evaluating the Company’s financial and operational performance for the first nine months of 2024, Naturelgaz General Manager Hasan Tahsin Turan said: “At a time when operational costs continue to rise due to inflation, we continue to see successful results through effective cost management and efficiency-enhancing investments. Our growing sales volume, led by our City Gas business line, was the most important factor supporting our financials. As a result, we completed the first nine months of the year with a significant net profit. As you may recall, we had also increased our net profit fourfold in the first half of this year compared to the same period of the previous year. We will continue our efforts in line with our strategic goals to deliver successful financial results in the coming periods.”
