FX.co ★ Enel 9-month Profit Climbs, Revenues Down; Confirms FY24 Earnings Outlook

Enel S.p.A. (ENLAY.PK), a leading Italian company in the electricity and gas sectors, announced on Wednesday a notable 38% increase in its Group net income for the first nine months of fiscal 2024, reaching 5.87 billion euros compared to 4.25 billion euros recorded the previous year.

The Group's net ordinary income rose to 5.85 billion euros, a 16.2% increase from 5.03 billion euros in the same period last year. The company's EBITDA showed a growth of 22.2%, achieving 18.60 billion euros, while ordinary EBITDA saw a 6.5% rise to 17.45 billion euros. This improvement is largely attributed to the successful performance of Enel's integrated business model, particularly driven by the renewable energy sector.

However, revenues for the period saw a decline, falling 17.1% to 57.63 billion euros from the previous year's 69.53 billion euros. This decrease was primarily due to a reduction in the generation of electricity from thermal sources and lower quantities of electricity and gas sold in end-user markets, as prices dropped. Despite these challenges, the negative impact was mitigated by strong sales in renewable energy and gains in the distribution grid operations.

Additionally, Enel's Board of Directors has sanctioned an interim dividend for 2024 amounting to 0.215 euros per share, scheduled for distribution starting January 22, 2025, with a record date of January 21.

Looking to the future, Enel remains optimistic and expects its ordinary EBITDA to range between 22.1 billion euros and 22.8 billion euros, and net ordinary income to fall between 6.6 billion euros and 6.8 billion euros for fiscal 2024.