(Alliance News) - Enel Spa on Thursday reported that it closed the first quarter of the year with a group net profit of EUR1.93 billion from EUR1.03 billion and up 87 percent from March 31, 2023.

Revenues in the period stood at EUR19.43 billion from EUR26.41 billion in Q1 2023, marking a 26 percent decline.

Capital expenditures amounted to EUR2.58 billion in the first quarter, down from EUR286 million in the same period last year.

Ebitda as of March 31 was EUR5.89 billion from EUR4.76 billion in 2023.

Net financial debt was EUR60.69 billion from EUR60.16 billion as of December 31, 2023.

Looking ahead, the group has planned total gross investments of about EUR35.8 billion.

In addition, Enel expects ordinary Ebitda to increase to between EUR23.6 billion and EUR24.3 billion in 2026 and ordinary net income to be between EUR7.1 billion and EUR7.3 billion.

"The solid first quarter 2024 results confirm the effectiveness of the management actions taken with the 2024-2026 strategic plan, as well as the resilience of our business model in all countries of presence," commented Enel CFO Stefano De Angelis.

"Also in the coming months, Enel will continue to pursue selective capital allocation with great discipline, maximizing management efficiency and effectiveness, as well as financial and environmental sustainability. We are therefore confident that we will achieve all our targets for 2024, including the reduction of the group's net debt, which is already down to EUR54 billion today considering also the divestments now being finalized. The excellent performance in the first quarter also provides us with ample visibility on the confirmation of the shareholder remuneration policy presented on Capital Markets Day in November 2023."

On Thursday, Enel closed in the green by 1.0 percent at EUR6.51 per share.

By Claudia Cavaliere, Alliance News reporter

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