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Snam confirms guidance after rise in first quarter sales
Global Banking and Finance Review
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MILAN (Reuters) – Italian gas grid operator Snam on Thursday confirmed its targets for this year after reporting a 13% year-on-year rise in revenue for the first quarter.
MILAN (Reuters) – Italian gas grid operator Snam on Thursday confirmed its targets for this year after reporting a 13% year-on-year rise in revenue for the first quarter.
Sales between January and March rose to 912 million euros ($1 billion) driven by the group’s regulated business, the company said.
Adjusted core earnings rose 1.5% to 597 million euros in the period thanks to the growth in the group’s energy transition business.
Gas demand in Italy in the first quarter of 2023 amounted to 20.5 billion cubic metres (bcm), down 19% year-on-year due to lower consumption in all sectors that Snam operates in.
Snam said the most recent estimates on the evolution in gas demand in Italy for 2023 were in line with 2022, when the country consumed 69 bcm.
The group, which also manages the bulk of Italy’s gas storage facilities, said the country was in good shape ahead of a winter season in which imports from Russia were expected to fall further.
“We face the coming winter with a much stronger and more resilient energy system thanks to storage facilities that are still 65% full,” Snam CEO Stefano Venier said in a statement.
The group is completing work on its new liquefied natural (LNG) gas terminal in the Tuscan port of Piombino, which is expected to start commercial operations by the end of this month.
($1 = 0.9084 euros)
(Reporting by Francesca Landini Editing by Alvise Armellini and Mark Potter)
Revenue is the total income generated by a company from its business activities, usually measured over a specific period. It is a key indicator of a company's financial performance.
Adjusted core earnings refer to a company's earnings that have been modified to exclude certain one-time items, providing a clearer picture of ongoing profitability.
Gas demand refers to the total quantity of natural gas that consumers require over a specific period, influenced by factors such as weather, economic activity, and energy policies.
An LNG terminal is a facility for the import, export, and storage of liquefied natural gas. It plays a crucial role in the global energy supply chain.
Energy transition refers to the shift from fossil fuel-based energy systems to renewable and sustainable energy sources, aimed at reducing carbon emissions and enhancing energy security.
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