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Iberdrola sets a target of 4,770 million for 2023 after earning 21% more

Date: July 18, 2024 Time: 15:12:50

Iberdrola improves its net profit forecasts for 2023. The electricity company has increased its result by 21% in the first half, reaching 2,521 million euros, and is confident of an increase in net profit of close to 10% for the year as a whole, excluding any additional capital gains due to asset rotation.

The gross operating result (Ebitda) of the energy company grew by 17.3% in the period, to 7,561 million euros, mainly due to investments in Networks and Renewables, the recovery of the deficit of the SVT regulated tariff last year in the United Kingdom, and the better performance in the countries of the European Union due to the normalization of production and better prices. The group’s sales figure stood at 26,263 million euros, 7.5%, as notified on Thursday by the company to the National Securities Market Commission (CNMV).

On the other hand, gross investments reached 10,544 million euros in the last 12 months, which is 8% more, with 93% allocated to Networks (5,061 million euros) and Renewables (4,745 million euros). The electricity company chaired by Ignacio Sánchez Galán increased cash generation by 3% between January and June compared to a year ago, to 5,731 million euros. Excluding the recovery of the hydroelectric canon in 2022, the increase would have been 21%.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.
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