Naturelgaz Reports Revenue of TRY 4 Billion and EBITDA of TRY 699 Million
Naturelgaz, operating in the transported natural gas market, reported revenue of TRY 4 billion for 2023. EBITDA reached TRY 699 million, while net profit was TRY 96.5 million.
Evaluating the Company’s financial and operational performance in 2023, Hasan Tahsin Turan, General Manager of Naturelgaz, said: “We continue to grow in line with our strategic objectives. In 2023, we expanded Naturelgaz’s business through investments in capacity expansion and cost reduction, taking further steps to support our future performance.”
Naturelgaz, a subsidiary of Global Investment Holdings operating in the transported natural gas market, announced its financial results for 2023. The Company continued to expand its facility infrastructure capacity during the year and serves all geographical regions of Türkiye through its extensive infrastructure.
Total sales volume increased by 10% year-on-year to 251 million Sm³ in 2023, strengthening Naturelgaz’s leading position in the transported natural gas market. The Company increased the number of districts and towns served to 128, while sales volume in the city gas business rose by 68% to 117 million Sm³.
Naturelgaz invested TRY 377 million in capacity expansion and cost reduction in 2023, financed entirely from its own resources. Investments focused primarily on solar power plants, a new CNG filling facility, and the manufacture and procurement of equipment to increase transport capacity. The principal investment items were the new CNG facility, the 2,421.98 kWh solar power project in Konya, and the 18,761.08 kWh solar power project in Bulanık, Muş, for which the environmental impact assessment process was ongoing.
Net Profit Reaches TRY 96.5 Million
The CNG Transportation and Unloading Services Agreement signed during the year with Türkiye Petrolleri Corporation marked an important step for the well gas business, which holds a significant place in the Company’s strategic objectives.
Following the first-time application of the Financial Reporting in Hyperinflationary Economies standard at year-end 2023, the Company reported revenue of TRY 4 billion and gross profit of TRY 783 million. Operating profit was TRY 384 million, while EBITDA reached TRY 699 million. Net profit, including the effects of the standard, was TRY 96.5 million for 2023.
Continuing Dividend Distributions
Evaluating the Company’s financial and operational performance in 2023, Hasan Tahsin Turan, General Manager of Naturelgaz, said:
“We continue to grow in line with our strategic objectives. In 2023, we expanded Naturelgaz’s business through investments in capacity expansion and cost reduction, taking further steps to support our future performance. In 2024, we aim to increase profitability alongside continued volume growth.
“At its meeting today, our Board of Directors resolved to submit a proposal to distribute TRY 320 million in dividends for shareholder approval at the Ordinary General Assembly Meeting to be held on April 25, 2024. Naturelgaz has distributed dividends every year since its initial public offering, and we are continuing this tradition this year.”
