Enel Books Higher 2021 Earnings as Revenue Rises Sharply

By Giulia Petroni and Joshua Kirby

Enel SpA said late Thursday that revenue increased in 2021 thanks to increases across business divisions, and that earnings rose at a more modest rate.

According to preliminary results, the Rome-based energy company made earnings before interest, taxes, depreciation and amortization of 17.6 billion euros ($20.1 billion), an increase of 4.1% compared with 2020. Adjusted for one-offs such as corporate reorganization and pandemic-related costs, ordinary Ebitda came in at EUR19.2 billion, including a gain made from the sale of a stake in Open Fiber SpA last year, Enel said.

Revenue for the year came in much higher at EUR88.3 billion, rising 34% on year, thanks to higher revenue in divisions including infrastructure & networks, green power, thermal generation & trading, and solutions provider Enel X.

Enel reported net debt of EUR52 billion at year-end, climbing from EUR45.4 billion the previous year as a result of investment, dividend payments and the acquisition of further stakes in subsidiary Enel Americas, the company said.

Write to Giulia Petroni at [e-mail] and to Joshua Kirby at [e-mail]; @joshualeokirby

(END) Dow Jones Newswires

February 04, 2022 01:27 ET (06:27 GMT)

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