Endesa's net profit lower by 12% y/y in H1 2022

Endesa wind farm. Image source: Endesa (handout)

July 28 (Renewables Now) - Spanish utility Endesa SA (BME:ELE) booked an ordinary net profit of EUR 734 million (USD 746.8m) in January through June, down by 12% year-on-year, saying the results come amid a “deteriorating macroeconomic and energy context”.

The reported net profit grew by 10.1% to EUR 916 million, thanks to a one-off of EUR 182 million recorded following the sale of a 51% stake in the electric mobility business in April. The one-off boosted the reported EBITDA by 17%, while like-for-like EBITDA grew by 4% to EUR 1.95 billion on a stronger generation business.

Revenues for the semester rose by 64.4% to EUR 14.85 billion on a boost in sales of power, gas and energy services. Endesa’s customer base in Spain increased by 3% to 10.5 million, the utility said.

In the renewables area, the company said that some 90% of the capacity it planned install this year is already in operation or under construction. The company is currently building 1,800 MW of wind and solar farms.

Despite the circumstances being shaped by the war in Ukraine and the energy crisis, Endesa said it maintained the forecast for the fiscal year 2022 - EBITDA of EUR 4.10 billion and a EUR-1.80-billion ordinary net profit.

(EUR 1.0 = USD 1.017)

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Sladjana has significant experience as a Spain-focused business news reporter and is now diving deeper into the global renewable energy industry. She is the person to seek if you need information about Latin American renewables and the Spanish market.

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