Enagas expects to surpass €430mn profit guidance

Spanish gas transportation company Enagas ENAG.MC expects to surpass its net profit target of €430mn for this year, the company said on April 26.

First quarter net profit, by contrast, slid by 25% year/year to €69mn ($73.6mn), on the back of operating costs climbing by 26% and a 12.5% payroll increase.

Enagas's portfolio encompasses various midstream assets in Spain and overseas, including LNG import terminals in Latin America, the Caribbean and Spain, underground storage plants and auxiliary facilities. 

In March, Enagas entered into an agreement with OMERS Infrastructure to divest its 45% shareholding in the Quintero LNG regasification terminal in Chile, worth €176mn in total.

Enagas's Spanish gas pipeline network encompasses 9,000 km of high-pressure gas pipelines, 18 compressor stations and 443 metering stations. It also has 287.7km of offshore duct across three routes in Barcelona, Alicante, Ibiza and Mallorca.