Enel 2020 Profit Rose, Revenue Fell

   By Giulia Petroni 
 

Enel SpA said Thursday that profit rose while revenues fell last year, and raised its annual dividend.

The Rome-based energy company said net profit for 2020 was 2.61 billion euros ($3.11 billion), up from EUR2.17 billion the previous year. On an adjusted basis, net profit--or net ordinary income--came in at EUR5.20 billion.

Earnings before interest, taxes, depreciation and amortization decreased to EUR16.82 billion from EUR17.70 billion the year earlier. Adjusted for one-offs including acquisitions or disposals, Ebitda--or ordinary Ebitda--was EUR17.94 billion, in line with the company's expectations.

Revenues for the year were down 19% to EUR64.99 billion, mainly due to lower gas and electricity sales in Italy and Spain following the pandemic hit, lower trading activities in Italy and currency effects in Latin America.

Overall capital expenditure last year was EUR10.20 billion, mainly allocated toward renewables and networks, according to the company.

Enel said it built 3.1 gigawatts of renewable installed capacity in 2020 and aims to reach more than 5 gigawatts of new capacity in the current year.

The company said it would propose a dividend of EUR0.358 a share for 2020, a 9.1% increase from EUR0.328 a share in 2019.

Write to Giulia Petroni at [e-mail]

(END) Dow Jones Newswires

March 18, 2021 13:12 ET (17:12 GMT)

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