The Spanish electricity company Endesa made a profit of 1,651 million euros in the first nine months of the year, 13.2% more than in the same period in 2021, the company announced on Tuesday.
These results are due to the profit generated by the sale in April of 51% of its electric mobility business to the Italian Enel, which controls Endesa.
Excluding these extraordinary gains, Endesa’s profit, which is also in the Portuguese market, increased by 0.7% in the first quarters of the year, according to information the company communicated to the National Securities Market today. Commission (CNMV) of Spain.
Endesa attributes this growth of less than 1% to the increase in depreciation and deterioration costs, to more taxes and interest due to the increase in debt to meet the requirements for financial guarantees.
The company emphasizes that the market context is more complex and volatile than in the first half of the year, despite the fact that the application of the so-called Iberian mechanism in Portugal and Spain, which imposed a ceiling on the price of gas used for production of energy, made it possible to control electricity prices in the wholesale market, compared to Germany, France, Italy and the United Kingdom.
Endesa’s turnover grew 72.6% to EUR 24,620 million between January and September, yet the increase was lower than that of operating expenses, which amounted to EUR 22,232 million, 80.4% more than in the same period of 2021.
Earnings before taxes, interest, amortization and amortization (EBITDA) amounted to 3,710 million euros, an increase of 18.8%, and excluding the effect of the transaction with Enel, the increase was 11.2% (3,472 million euros).
Source: DN
