Spain's Enagas 2023 net profit beats expectations
MADRID, Feb 20 (Reuters) - Spanish gas grid operator Enagas ENAG.MC said on Tuesday its 2023 net profit fell 8.8% though it topped its guidance for the year.
The company booked a profit of 342.5 million euros ($368.84 million) this year, compared with a guidance of between 310 million euros and 320 million euros and the 321 million euros expected by analysts polled by LSEG.
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Revenue fell 5.2% to 920 million euros, as the company charged lower fees in its home market due to a 2020 regulation change.
With gas demand in the country down for two years in a row and the government's ambitious green hydrogen plans, the company is eyeing a transition from its traditional role as natural gas grid operator to managing a network of hydrogen infrastructure.
The company is teaming up with French, German and Portuguese peers on its flagship project, the H2Med corridor.
The future multibillion-euro green hydrogen pipeline, which will connect the Iberian peninsula to France and on to Central Europe by 2030, will cost some 2.5 billion euros, of which Spain is expected to shoulder around 1 billion euros.
($1 = 0.9286 euros)
(Reporting by Pietro Lombardi, editing by Inti Landauro)