By Pierre Bertrand

Iberdrola reported a rise in net profit that largely matched expectations, despite a drop in revenue.

The Spanish utility company said Thursday that it made 4.80 billion euros ($5.19 billion) in net profit for 2023 compared with EUR4.34 billion a year earlier, while revenue fell 8.6% to EUR49.33 billion.

Analysts expected EUR4.82 billion in net profit and EUR56.74 billion in revenue, according to Visible Alpha consensus.

Earnings before interest, taxes, depreciation and amortization rose 9% to EUR14.42 billion.

Gross investments rose 6% to EUR11.38 billion, with 93% of the total directed at its networks and renewables businesses.

It said it would propose a supplementary dividend of EUR0.348 a share dividend, which when combined with the interim dividend of EUR0.202 a share, brings the total dividend for 2023 to EUR0.55 per share compared with EUR0.496 for 2022.

For the rest of the year Iberdrola said it is targeting net profit growth of 5% to 7% with its dividend growing in line with results.

The company is also planning EUR12 billion in new investments in 2024, it said.

Write to Pierre Bertrand at

(END) Dow Jones Newswires

02-22-24 0317ET