Enel's 2022 profit down 3.6% but over guidance

• Italian utility group Enel SpA (BIT: ENEL) on Thursday reported a net ordinary income of EUR 5.39 billion (USD 5.73 bn) for 2022, down by 3.6% year-on-year, but simply above the upper series of guidance of EUR 5.3 billion.

The outcomes sufficed to call success and also for Enel to suggest a reward hike of 5.3% to EUR 0.40 per share.

Group net income come by 47.3% to EUR 1.68 billion. Other numbers were in line with initial results released about a month earlier-- ordinary EBITDA increased by 2.5% to EUR 19.7 billion, going beyond guidance. Revenues leapt by 63.9% to EUR 140.5 billion, as a result of higher power production and also sales volume, higher energy costs and favourable exchange rates, the company claimed.

Net economic debt increased by 16.2% to EUR 60.1 billion.

As for the 2022 functional goals of Enel's renewables business, the group highlighted the installment of over 5.2 GW of new capacity, consisting of 387 MW of batteries throughout the year.

Enel CEO Francesco Starace said the company would intend to continue growing in renewables and circulation grids digitalisation, 2 segments that will obtain the most of group's investments under the 2023-2025 strategic plan.

"We will certainly focus financial investments primarily in Italy as well as in the other core nations, in order to increase the Group's sustainable growth pathway, more minimizing its threat profile," Starace said.