Spectacular 149% DESFA profit rise boosts sale price expectations

DESFA, the natural grid operator, has posted a spectacular profit increase for 2017, up 149.4 percent, as well as increased turnover and cash reserve figures, all of which boosts expectations for a higher sale price that may be achieved in an international tender offering 66 percent of the enterprise.

The operator posted a 58 percent turnover increase for 2017, to 268.6 million euros from 169.6 million euros. Net profit rose from 34.6 million euros to 85.6 million euros, a 149.4 percent increase. Its cash reserve amount climbed to 227.7 million euros from 145.8 million euros, a 56.1 percent increase.

As a result, the Greek gas grid operator undoubtedly represents a very desirable asset for sector firms.

The government has set minimum price target of 400 million euros for DESFA’s 66 percent and will push for a result exceeding 500 million euros.

Italy’s Snam, Spain’s Enagás Internacional and Belgium’s Fluxys formed a consortium to submit a joint bid. Another Spanish entry, Regasificadora del Noroeste (Reganosa Asset Investments) joined forces with Romania’s Transgaz and the EBRD, the European Bank for Reconstruction and Development, for the other offer.