ENEL Enel Spa

   By Pietro Lombardi 
 

Enel SpA (ENEL.MI) said it would raise dividend after a double-digit percentage increase in 2018 profit.

Net profit for the year rose 27% to 4.79 billion euros ($5.45 billion), the Rome-based energy company said Thursday. Lower net financial expense and taxes, as well as growing earnings before interest and taxes boosted the result for last year.

Enel said it would raise its dividend for 2018 by 18% to EUR0.28 a share.

Last month, the company had already reported growing revenue and earnings before interest, taxes, depreciation and amortization for 2018.

"With over 3 GW of new renewable capacity added in 2018, Enel Green Power set yet another record within the industry, confirming its role as the group's growth engine, alongside the distribution business," Chief Executive Francesco Starace said.

The group met all its strategic goals for 2018, it said, and confirmed its financial targets for 2019.

In November, the company raised its Ebitda target for this year and the next and said that it expected a 2019 ordinary Ebitda of about EUR17.4 billion, which should grow to roughly EUR18.5 billion the following year.

"Moving forward, in 2019 we envisage an acceleration in renewable projects, mainly in North America, with continued investments in the digital transformation of grids in Italy and South America," Mr. Starace said.

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

(END) Dow Jones Newswires

March 21, 2019 13:09 ET (17:09 GMT)

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