Enel's revenues surge but net profit declines in H1, confirms guidance

The Roadrunner solar farm in Texas. Source: Enel Green Power North America

July 29 (Renewables Now) - Italian energy giant Enel SpA (BIT:ENEL) on Thursday posted a lower group net profit for the first half of 2022 compared to the bottom line from a year earlier but confirmed its full-year guidance and dividend policy.

Enel reported an 85.3% year-on-year jump in January-June 2022 revenues to EUR 67.26 billion (USD 68.1bn) thanks to the performance of all business segments but mainly due to an increase in the volume of electricity and gas sold at higher average prices and an increase in the quantities of electricity that was produced.

Group net ordinary profit decreased by 8.3% to EUR 2.11 billion, reflecting developments in ordinary operations.

"The first half of 2022 was characterised by an adverse geopolitical, energy and economic context which, however, did not affect the implementation of our Strategic Plan presented in November 2021," CEO Francesco Starace said, adding that the group’s financial position is still solid.

More details about the company’s H1 financial performance are available in the table below.

Figures in EUR H1 2022 H1 2021
Revenues 67.26bn 36.29bn
Ordinary EBITDA 8.3bn 8.44bn
EBITDA 8.21bn 7.8bn
EBIT 3.9bn 4.45bn
Group net ordinary income 2.11bn 2.3bn
Group net income 1.69bn 1.78bn
Capital expenditure 5.89bn 4.81bn

(EUR 1 = USD 1.012)

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