Enel 9-Month Profit Rose; Backs 2020 View

By Giulia Petroni

Enel SpA said Thursday that net profit rose in the first nine months of the year and backed its 2020 guidance.

The Rome-based energy company reported net profit of 2.92 billion euros ($3.42 billion) from EUR813 million a year earlier, when it booked impairment charges. On an adjusted basis, net profit--or net ordinary income--came in at EUR3.59 billion, up from EUR3.30 billion.

Earnings before interest, tax, depreciation and amortization decreased 3.8% on year to EUR12.71 billion. Adjusted for one-offs including acquisitions or disposals, Ebitda--or ordinary Ebitda--came in at EUR13.15 billion.

Revenue fell to EUR48.05 billion from EUR59.33 billion in the previous year, due to lower gas and electricity sales in Italy and Spain as a result of the pandemic and reduced trading activities.

Enel backed its full-year targets, saying it expects ordinary Ebitda around EUR18 billion and ordinary net profit in the range of EUR5 billion to EUR5.2 billion.

The company also confirmed its dividend policy for 2020, saying shareholders will receive a minimum guaranteed dividend of EUR0.35 per share. It said remuneration for the year will yield a mid-high single digit growth, in the range of 7% to 9% year-on-year.

An interim dividend of EUR0.175 a share has been approved and will be paid from Jan. 20, 2021.

Write to Giulia Petroni at [e-mail]

(END) Dow Jones Newswires

November 05, 2020 12:09 ET (17:09 GMT)

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