(Alliance News) - A2A Spa on Tuesday reported a net profit of EUR659 million in 2023, up 64 percent from the previous year when it was EUR401 million.

The board of directors resolved to propose that the ordinary shareholders' meeting approve a dividend of EUR0.0958 from EUR0.0904 in 2022.

As of Dec. 31, revenues stood at EUR14.76 billion from EUR23.16 billion, down 36 percent from fiscal 2022 as a result of bearish commodity price dynamics, the company explained in a note.

Ebitda stands at EUR1.97 billion in 2023 from EUR1.50 billion as of Dec. 31, 2022.

Ebit in the period was EUR1.02 billion from EUR682 million in 2022.

Net Financial Position as of December 31 was EUR4.68 billion from EUR4.26 billion in 2022.

Investments made in 2023 amounted to EUR1.38 billion, up 11 percent, compared to the previous year, and more than 60 percent of them involved development work aimed at improving the quality and upgrading electricity distribution networks to support the progressive electrification of consumption, the growth of wind and photovoltaic plants, the development of generation plants, contributing to the adequacy and safety of the national electricity grid, the recovery of energy and matter, the upgrading of water and sewage networks, the development of purification plants, and the digitalization of the group.

Looking ahead, forecasts for 2024 expect Ebitda between EUR2.00 billion and EUR1.02 billion and group net income between EUR57 million and EUR59 million. In addition, the group said it will continue to maintain a strong push on organic capex in order to generate balanced and sustainable growth over time, investing around EUR1.4 billion, in line with 2023.

"Thanks to the contribution of all business units and companies in the group, we ended 2023 with our best-ever results and a 64 percent increase in net income over 2022. During the year we accelerated on investments in the improvement and upgrading of electricity distribution networks, the growth of renewable production -particularly from wind and photovoltaics-, the flexibility of generation plants, and the recovery of matter and energy," commented Renato Mazzoncini, A2A CEO.

"We proposed a dividend of EUR0.0958 per share, equivalent to EUR300 million, a growth of 6 percent. These are important goals that it was possible to achieve thanks to the work and dedication of all our people. We are ready to continue with the same commitment to help equip the country with strategic infrastructure for the ecological transition."

A2A on Monday closed down 3.6 percent at EUR1.69 per share.

By Claudia Cavaliere, Alliance News reporter

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