Spanish power company Naturgy said on Tuesday its 2023 net profit rose more than 20% boosted by strong earnings from its liberalized operations, which include renewables and liquefied natural gas businesses.

Net profit rose to 1.99 billion euros ($2.16 billion) from 1.65 billion euros, beating the 1.94 billion euros expected by analysts polled by LSEG.

($1 = 0.9212 euros) (Reporting by Pietro Lombardi, editing by Inti Landauro)