Naturelgaz closed the first half of 2023, a year in which it focused on investments, with EBITDA of TL 235.3 million
Sales revenues of Naturelgaz, which operates in the transported natural gas market, rose by 18 percent in the first half of 2023 compared to the same period of the previous year, reaching TL 1 billion 467.6 million. The company closed the first half with EBITDA of TL 235.3 million. Naturelgaz made investments of approximately TL 100 million in the first six months.
Naturelgaz, a subsidiary of Global Yatırım Holding A.Ş. operating in the transported natural gas market, announced its financial results for the first half of 2023. As of the first half of 2023, Naturelgaz’s sales revenues increased by 18 percent compared to the same period of the previous year, reaching TL 1,467.6 million. In the same period, the company’s total sales volume grew by 11 percent to 128.5 million Sm3. The company’s profit before tax for the first half of 2023 amounted to TL 187.5 million.
City gas sales led the customer portfolio of the Company, which operates in the Bulk, City Gas and Auto CNG business lines, in the first half of 2023. The number of districts and towns served with city gas reached 105 in the first half of 2023. In the City Gas business line, Naturelgaz sells natural gas via transported methods to natural gas distribution companies to meet the natural gas needs of districts and towns not connected to the pipeline network; its sales volume in this business line rose by 67 percent year on year in the first half of 2023 to 69.8 million Sm3.
Due to increases in cost items and operating expenses, particularly logistics and electricity, driven by inflationary market conditions in the first half of 2023, Naturelgaz’s gross profit decreased by 10 percent in the first half of 2023 compared to the same period of the previous year, amounting to TL 272 million. On the other hand, the increase in depreciation expenses related to investments also limited profitability. The cost increases in the first six months will be reflected in customer prices, together with inflation, in the coming periods.
‘We are making capacity-increasing and cost-reducing investments’
Noting that different business lines were prominent in the customer portfolio as of the half year, Naturelgaz General Manager Hasan Tahsin Turan said, “Despite challenging market conditions, we maintained our leading position in the transported natural gas market with our strong results in the first half of the year.”
Underlining that 2023 is the Company’s year of investment, Turan said that this year they are focusing on both capacity-increasing and cost-reducing investments, and that they spent approximately TL 100 million on these investments in the first half of the year. Stating that they expect better financial performance in the second half of the year compared to the first half due to the effect of seasonal customers, Turan said: “Due to the nature of our sector, while costs are reflected directly on the company, we have to absorb these costs for a while without passing them on to customers. We plan to reduce our logistics and electricity expenses through the opening of industrial CNG facilities, purchases of tractor trucks and solar power plant (SPP) investments. On the other hand, with our investment in a production facility for pressure-reducing equipment, we aim to increase the efficiency of the equipment used at customer sites.”
