HomeInfraItalgas 2022 results boosted by energy efficiency business

Italgas 2022 results boosted by energy efficiency business

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Italgas 2022 results boosted by energy efficiency business

MILAN, March 9 (Reuters) – Italy’s biggest gas distributor Italgas said its adjusted core profit rose 7.3% to 1.08 billion euros ($1.14 billion) in 2022, driven by its energy efficiency business and the consolidation of Greek DEPA Infrastructure.

Italgas, which runs around 81,000 kilometres of gas pipelines, had forecast adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of between 1.0 billion and 1.03 billion euros last year.

Adjusted revenue rose 12% from the previous year to 1.5 billion euros, in line with the group’s guidance of more than 1.4 billion euros.

The volume of gas distributed in Italy fell 10% last year as a result of a milder winter and customers’ new habits aimed at cutting energy bills.

The group, which is investing to make its network able to carry renewable gases, had capital expenditure of 814 million euros in 2022.

Italgas CEO Paolo Gallo said on a call with analysts that the group plans to focus its energy efficiency business on services for industrial clients as an Italian government incentive scheme to support the green transition for households is being phased out.

Net financial debt stood at 6 billion euros at the end of December, up from 4.98 billion euros at the end of 2021.

The group said it would seek external growth through tenders for gas distribution services and M&A opportunities in the gas distribution, water and energy efficiency sectors, as well as developing the Greek market.

The company said it would propose the distribution a dividend of 0.317 euros per share, 7.5% more than for 2021.

($1 = 0.9463 euros) (Reporting by Francesca Landini, editing Federico Maccioni, Kirsten Donovan)

 

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