Enel records higher profits in 2021 as revenues rise sharply

By Giulia Petroni and Joshua Kirby

Enel SpA said late on Thursday that revenue grew in 2021 thanks to increases across all business divisions, and profits grew at a more modest pace.

According to preliminary results, the Rome-based energy company posted earnings before interest, taxes, depreciation and amortization of 17.6 billion euros ($20.1 billion), an increase of 4.1% over to 2020. Adjusted for one-time items such as corporate reorganization and pandemic-related costs, ordinary EBITDA was €19.2 billion, including a realized gain on the sale of a stake in Open Fiber SpA last year, Enel said.

Revenue for the year was well over €88.3 billion, up 34% year-on-year, driven by higher revenues in divisions such as infrastructure and networks, l energy, thermal generation and trading and solution provider Enel X.

Enel reported net debt of 52 billion euros at the end of the year, falling from 45.4 billion euros the previous year following investments, dividend payments and the acquisition of new stakes in subsidiary Enel Americas, the company said.

Write to Giulia Petroni at [email protected] and Joshua Kirby at [email protected]; @joshualeokirby

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