By Giulia Petroni

Iberdrola SA said Wednesday that profit rose in 2020 despite the coronavirus pandemic hit on earnings and increased its dividend for the year.

The Spanish utility company said net profit came in at 3.61 billion euros ($4.38 billion) from EUR3.47 billion a year earlier.

Revenues increased 9% to EUR33.15 billion, while earnings before interest, taxes, depreciation and amortization were EUR10.01 billion.

Iberdrola said it expects to reach a net profit of between EUR3.7 billion and EUR3.8 billion in 2021, and a dividend of EUR0.44 a share.

The company said it will propose a dividend of EUR0.42 a share for 2020, a 5% increase on year.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

February 24, 2021 03:27 ET (08:27 GMT)

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