(Alliance News) - The board of directors of Acea Spa on Tuesday approved the consolidated financial statements as of December 31, 2023, ending the year with a net profit of EUR294 million compared to EUR279.7 million in 2022. Recurring profit is EUR280 million, up 22 percent from 2022. The board proposed a dividend of EUR0.88 per share, 4% higher than in 2022.

Consolidated revenues in 2023 are EUR4.69 billion compared to EUR5.13 billion in 2022 and are mainly affected by the sharp drop in prices in energy markets.

"Revenues related to the Water Italy, Networks & Smart Cities and Environment areas, at EUR2.4 billion, account for more than 50 percent of the total and show an increase of about 6 percent over the period," the company note reads.

Recurring Ebitda grew by 7 percent to EUR1.34 billion, "thanks to the higher contribution of the regulated businesses - a 10 percent increase in Water Italy and a 7 percent increase in Networks & Smart Cities - and the Commercial area and to the operational efficiencies achieved, factors that more than offset the negative impact of the

energy scenario," the company points out.

The group's Net Financial Position increased from EUR4.43 billion as of December 31, 2022 to EUR4.84 billion as of December 31, 2023. "The change is mainly influenced by the dynamics of realized investments, the dynamics of energy prices and actions to contain working capital," the company note reads.

Acea closed Tuesday's session in the green by 4.3 percent at EUR14.45 per share.

By Maurizio Carta, Alliance News reporter

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