Snam's core profit up 14%, investment at record high in 2024

MILAN (Reuters) -Italy's gas grid company Snam said on Wednesday its adjusted core earnings rose 14% last year as growth at its fuel infrastructure business more than compensated for a drop in its energy efficiency operations.

Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) came in at 2.75 billion euros ($3 billion), meeting the company's guidance.

The group said it had just completed the sale of a minority stake in ADNOC Gas Pipelines and would book a capital gain of around 120 million euros net of taxes.

Adjusted net profit rose 10% to 1.29 billion euros, surpassing the state-controlled company's guidance.

Snam CEO Stefano Venier, who is expected to win a second term at the helm of the group in May, said annual investment reached a record high of nearly 3 billion euros.

Part of the capital expenditure went to setting up a new liquefied natural gas (LNG) terminal in the Adriatic Sea.

Snam was mandated by the Italian government to boost the country's LNG import capacity in 2022 when Russia curtailed gas exports to Italy.

($1 = 0.9178 euros)

(Reporting by Francesca Landini, editing by Gavin Jones, Kirsten Donovan)