Iberdrola Reports 22% H1 Profit Surge on Strategic Grid Investments
Financial Performance and Strategic Investments in H1 2024
Profit Growth and Earnings Overview
MADRID, July 22 (Reuters) - Spanish utility Iberdrola said on Wednesday its first-half reported net profit rose 22% to €4.34 billion ($4.95 billion), supported by higher investment in electricity networks in Britain, the United States and Brazil.
Net profit adjusted for capital gains from the sale of thermal power plants in Mexico rose 8% in the first six months of the year, the company said, while adjusted earnings before interest, tax, depreciation and amortisation increased 7% to €8.05 billion.
Full-Year Outlook and Liquidity
The company reaffirmed its full-year outlook for adjusted net profit growth comfortably above 8% and said liquidity stood at €21.5 billion, enough to cover 22 months of financing needs.
Dividend Announcement
The dividend per share stood at €0.685, including €0.427 to be paid on July 27, it added.
Investment Highlights
Geographic Focus and Network Investments
Iberdrola said first-half investments rose 25% to €7 billion, with more than 70% of the total focused on Britain, the U.S. and Brazil. Investment in networks increased 42% to nearly €4.4 billion, accounting for close to two-thirds of total investment.
Generation Capacity Expansion
Investment in generation exceeded €2.2 billion — more than 70% of it in onshore and offshore wind — and Iberdrola installed more than 1.6 gigawatts of capacity during the period, it said.
Acquisition of Caruna
The utility also announced it had acquired Caruna — Finland's largest electricity distribution company serving more than 20% of the Nordic country's population — valued at €5 billion.
Additional Information
($1 = 0.8765 euros)
(Reporting by David Latona; Editing by Joe Bavier)
