The company reported a net profit of 3.1 billion euros ($3.09 billion) for the January-September period and said geographical diversification allowed it to maximise growth and benefit from positive currency swings.
MADRID:Europe‘s biggest utilityIberdrolaposted a 29 per cent rise in nine-month net profit on Wednesday as a strong performance in the US and Brazilian markets and bigger investments in renewables offset a fall at home inSpain.
The company reported a net profit of 3.1 billion euros ($3.09 billion) for the January-September period and said geographical diversification allowed it to maximise growth and benefit from positive currency swings.
In Spain, however, net profit fell by 14 per cent, hampered by summer droughts, Iberdrola said.
The company’s investments were 14.2 per cent higher than in the same period last year, with 90 per cent allocated to renewables and smart grids to accelerate electrification and energy independence from fossil fuels, it said.
Energy prices in Europe have soared since Russia‘s invasion of Ukraine in February, which has hit markets that were still reeling from the impact of the COVID-19 pandemic with additional uncertainty and supply disruptions.
“Accelerating investments in electrification will allow us to be less dependent on the volatility of oil and gas and generate more growth and more jobs, as this set of results show,” Executive Chairman Jose Ignacio Sanchez Galan said in a statement.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) jumped by 17 per cent to 9.53 billion euros.
Iberdrola reiterated a forecast for an annual net profit of between 4 billion and 4.2 billion euros.
It also said it had approved an interim dividend, payable in January 2023, of 0.18 euros per share.
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