Italian energy company Enel, Endesa’s main shareholder, obtained a net profit of 1,759 million euros in the first nine months of 2022, a drop of 29.8 percent compared to the same period last year, the company reported Thursday.
Group revenue was 108.177 billion euros, 84 percent more than in the nine months to September 2021. By business segments, the thermal generation and commercialization division invoiced 57,809 million, up 143 percent, while the end-user business rose 115 percent to 50,787 million.
The energy networks division advanced by 5.8% to 15.936 billion euros, while the renewables division (Enel Green Power) grew by 8.7% to 6.9 billion euros. The subsidiary Enel X posted revenues of 1.618 billion euros, up 6.7% year-on-year.
«We will continue our investments in renewables and networks to accelerate the transition to increasingly renewable energy sources and to foster energy independence in the countries in which we operate,» stressed the company’s CEO, Francesco Starace.
Ordinary gross operating profit (Ebitda) was €12.77 billion, down 0.8 percent on the January-September 2021 period. Enel explained that this was due to a drop in margins in the end markets division due to higher supply costs, as well as a decline in Enel Green Power’s margins due to lower hydroelectric generation as less water is available.
These declines were offset by higher margins in the thermal generation division due to higher quantities and volumes sold. Proceeds from the sale of Ufinet also had a positive effect.
On the other hand, the company indicated that net operating income (Ebit) was €5,521 million, down 13.6 percent from a year earlier. This is largely due to the effect of depreciation and amortization, as well as value adjustments of the companies in Brazil and Russia.
Enel’s financial debt grew by 34.2% year-on-year to 69,736 million euros, due to higher capital expenditure during the period and adverse exchange rate effects.
