Naturgy rises after providing better than expected outlook and H1 results
** Shares of Spanish power company Naturgy NTGY.MC rise 1.6% after it said it expects its 2024 net profit to surpass 1.8 billion euros ($1.96 billion)
** Core earnings, before interest, tax, depreciation and amortisation, are seen above 5.3 billion euros in 2024
** Barclays says Naturgy reported an H1 net profit 9% above the broker's forecasts, driven by better-than-expected EBITDA contribution from Latin American networks and retail activities
** Naturgy's H1 EBITDA of 2.85 billion euros was a 6.6% beat compared to Barclays forecast of 2.67 billion euros, said the broker
** Although gas and energy prices have dropped, Naturgy's first-half net profit only dipped slightly by 0.2%, to 1.04 billion euros
** In a separate statement, the company said it had reached an agreement with Algerian state oil and gas company Sonatrach on 2024 prices for gas supply
** Including today's rise the stock has dropped by 17.7% YTD
Reporting by Joao Manuel Mauricio
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