Enel's 2022 profit down 3.6% but above guidance

Italian utility group Enel SpA (BIT:ENEL) on Thursday reported a net ordinary income of EUR 5.39 billion (USD 5.73bn) for 2022, down by 3.6% year-on-year, but just above the upper range of guidance of EUR 5.3 billion.

The results were enough to call success and for Enel to propose a dividend hike of 5.3% to EUR 0.40 per share.

Group net income dropped by 47.3% to EUR 1.68 billion. Other figures were in line with preliminary results released about a month ago -- ordinary EBITDA rose by 2.5% to EUR 19.7 billion, exceeding guidance. Revenues jumped by 63.9% to EUR 140.5 billion, as a result of higher power production and sales volume, higher energy prices and favourable exchange rates, the company said.

Net financial debt increased by 16.2% to EUR 60.1 billion.

As for the 2022 operational goals of Enel’s renewables business, the group highlighted the installation of over 5.2 GW of new capacity, including 387 MW of batteries during the year.

Enel CEO Francesco Starace said the company would aim to continue growing in renewables and distribution grids digitalisation, two segments that will receive the most of group’s investments under the 2023-2025 strategic plan.

“We will focus investments mainly in Italy and in the other core countries, in order to accelerate the Group’s sustainable growth pathway, further reducing its risk profile,” Starace said.

(EUR 1.0 = USD 1.062)

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