By Mauro Orru


Enel's net profit more than doubled last year despite a decline in revenue due to lower average sale prices than in 2022, when energy markets jumped following Russia's invasion of Ukraine.

The Rome-based energy company on Thursday reported a net profit of 3.44 billion euros ($3.76 billion) for 2023 compared with EUR1.68 billion in 2022. On an adjusted basis, net profit--or net ordinary income--climbed almost 21% to EUR6.51 billion.

Earnings before interest, taxes, depreciation and amortization grew 1.7% to EUR20.26 billion. Adjusted for one-offs, Ebitda--or ordinary Ebitda--jumped nearly 12% to EUR21.97 billion.

Enel had targeted net ordinary income between EUR6.4 billion and EUR6.7 billion, and ordinary Ebitda between EUR21.5 billion and EUR22.5 billion for last year.

The company said it would pay a dividend of EUR0.43 per share for 2023, above the EUR0.40 euros per share it paid for the previous year.

"In line with what we announced last November, we reasonably expect that 2024 shareholder remuneration may grow further," said Chief Executive Flavio Cattaneo.

Revenue slipped to EUR95.57 billion from EUR140.52 billion in 2022, when Russia's invasion of Ukraine upended the energy market, lifting prices to record highs.

Capital expenditure fell 11% to EUR12.71 billion, a decline that Enel attributed to the focus of investments on the development of distribution networks and renewable capacity, mainly in Europe, as well as the difference in the scope of consolidation compared with 2022.

The group's net financial debt came in at EUR60.16 billion compared with EUR60.66 billion at the end of 2022.

This year, Enel expects net ordinary income between EUR6.6 billion and EUR6.8 billion, and ordinary Ebitda between EUR22.1 billion and EUR22.8 billion.


Write to Mauro Orru at mauro.orru@wsj.com


(END) Dow Jones Newswires

03-21-24 1407ET