Enel 9-Month Profit Rose; Backs 2020 View
November 05 2020 - 12:24PM
Dow Jones News
By Giulia Petroni
Enel SpA said Thursday that net profit rose in the first nine
months of the year and backed its 2020 guidance.
The Rome-based energy company reported net profit of 2.92
billion euros ($3.42 billion) from EUR813 million a year earlier,
when it booked impairment charges. On an adjusted basis, net
profit--or net ordinary income--came in at EUR3.59 billion, up from
EUR3.30 billion.
Earnings before interest, tax, depreciation and amortization
decreased 3.8% on year to EUR12.71 billion. Adjusted for one-offs
including acquisitions or disposals, Ebitda--or ordinary
Ebitda--came in at EUR13.15 billion.
Revenue fell to EUR48.05 billion from EUR59.33 billion in the
previous year, due to lower gas and electricity sales in Italy and
Spain as a result of the pandemic and reduced trading
activities.
Enel backed its full-year targets, saying it expects ordinary
Ebitda around EUR18 billion and ordinary net profit in the range of
EUR5 billion to EUR5.2 billion.
The company also confirmed its dividend policy for 2020, saying
shareholders will receive a minimum guaranteed dividend of EUR0.35
per share. It said remuneration for the year will yield a mid-high
single digit growth, in the range of 7% to 9% year-on-year.
An interim dividend of EUR0.175 a share has been approved and
will be paid from Jan. 20, 2021.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
November 05, 2020 12:09 ET (17:09 GMT)
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