(Alliance News) - Hera Spa reported Tuesday that it ended 2023 with a net profit of EUR417.0 million, up 12 percent from EUR372.3 million in 2022.

Hera Group's 2023 revenues stood at EUR14.90 billion, down from EUR20.08 billion in 2022 or 26 percent, mainly due to the normalization of energy commodity prices and gas volumes, lower brokerage activities, and the mild weather experienced in the first part of the year.

This contraction was partly mitigated by higher electricity volumes sold, thanks to commercial activities related to the sale of value-added services and solutions for energy efficiency and self-generation, Consip tenders, and the award of two lots of the safeguard service for the period 2023-2024 and the gradual safeguard service for the supply of electricity to micro-enterprises starting April 1, 2023. Revenues in the environment sector also grew, particularly due to new operations in the industry market, starting with the partnership with Modena-based ACR.

Ebitda rose to EUR1.49 billion from EUR1.30 billion, and the increase was attributable to the overall contribution of the energy areas of EUR169.4 million, in particular due to business development, tenders in markets of last resort and opportunities arising from incentives for energy services, good performance in the environment area, up EUR15.4 million, the contribution of the water cycle of EUR9.5 million and other services of EUR5.4 million.

Ebit, on the other hand, rose 18 percent year-on-year to EUR741.0 million.

Capital expenditures reached EUR815.8 million from EUR709.55 million, mainly directed at work on plants, networks and infrastructure, to which were added regulatory adjustments in gas distribution for the massive replacement of meters and in the purification and sewage areas. Investor efforts for industrial growth on the group's regulated activities boosted RAB to EUR3.33 billion, up EUR144 million from 2022.

The board proposed a dividend of 14 cents per share compared to last year's dividend of 12.5 cents. The ex-dividend will take place on June 24, with payment starting June 26 while the dividend will be paid to shares on account on June 25.

Hera's stock is down 1.5 percent at EUR3.27 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

Comments and questions to redazione@alliancenews.com

Copyright 2024 Alliance News IS Italian Service Ltd. All rights reserved.