Enel 9-month Profit Climbs; Lifts FY Outlook

Enel (ENLAY.PK,EN), an Italian producer and distributor of electricity and gas, reported that its profit attributable to owners of the parent for the nine months of 2023 climbed to 4.25 billion euros or 0.41 euros per share from 1.76 billion euros or 0.17 euros per share in the previous year. The company raised its fiscal year 2023 outlook.

The increase reflects the positive performance of ordinary operations and a decrease in the impact of non-controlling interests on net ordinary income, which more than offset the rise in net financial expense caused by developments in interest rates and the growth in the average debt in the period, as well as the increase in the tax liability attributable to the improvement in performance.

The company raised its annual net ordinary income outlook to a range of 6.4 billion euros – 6.7 billion euros, from the previous target of 6.1 billion euros to 6.3 billion euros.

The group now expects annual ordinary EBITDA to be between 21.5 billion euros and 22.5 billion euros, compared to the prior outlook of 20.4 billion euros to 21.0 billion euros.

The company said its board resolved to distribute an interim dividend of 0.215 euros per share.

This interim dividend will be paid as from January 24th, 2024, with an ex-dividend date for coupon no. 39 of January 22nd, 2024 and a record date of January 23rd, 2024. A dividend of 0.43 euros per share is confirmed for 2023, in line with what was announced in the 2023-2025 Strategic Plan.

Enel’s Revenues for the nine months of 2023 were 69.53 billion euros, a decrease of 34.1% from the nine months of 2022. The decrease in revenues was mainly attributable to Thermal Generation and Trading, reflecting a decrease in the volume of electricity generated at declining average sale prices in an environment characterized by greater price stability compared with the nine months of 2022, mainly in Italy and Spain, and to changes in the scope of consolidation. Also contributing to the decrease was End-User Markets as a result of lower quantities sold in a context of declining prices and of the sale in 2022 of Celg Distribuição SA – Celg-D in Brazil.

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