Spain's REE records modest profit growth in 9-mo 2019

Author: Oran Viriyincy. License: Creative Commons, Attribution-ShareAlike 2.0 Generic.

Red Electrica Corporacion SA (BME:REE), the parent company of Spanish grid operator Red Electrica de Espana (REE), posted a net profit of EUR 529.2 million (USD 588.4m) for the first nine months of 2019, recording a 1.6% year-on-year increase.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) reached EUR 1.16 billion, picking up by 0.7% compared to the period January-September in 2018.

The group said Wednesday the achieved results were in line with the targets outlined in the 2018-2022 strategic plan.

Summary of Red Electrica Group’s performance is given in the table below:

in EUR thousands	January - September		July - September
in EUR thousands	2019	y/y change	2019	y/y change
Revenues	1,477,199	0.5%	484,125	0.9%
EBITDA	1,155,775	0.7%	376,414	1.6%
EBIT	803,126	1.3%	258,420	2.7%
Pre-tax profit	703,697	1.6%	222,817	2.6%
Net profit	529,230	1.6%	167,031	2.0%

During the first nine months, the group increased investments by 14.9% to a total of EUR 464.4 million, with EUR 235.3 million going to transmission activities in Spain.

REE said that the bulk of its activities in Spain were centred on facilitating the energy transition and allowing the proper integration of renewable energy sources.

(EUR 1.0 = USD 1.11)

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