Renewables growth was main driving force behind improved revenue and earnings at Italian energy giant Enel in the first nine months of 2018.
Revenue was almost €55.3bn, up 2% on the €54.2bn posted in the same period on 2017, while earnings before interest, tax, depreciation and amortisation amounted to over €12.13bn an increase of 6% on last year’s €11.13bn.
Enel said income was mainly driven by the disposal of 80% of the capital in eight renewables projects totalling 1.8GW in Mexico for $1.4bn and improved margins in Brazil and the US following the acquisitions of Eletropaulo and EnerNOC respectively.
The group’s net income was more than €3bn in the first three quarters of 2018, a 15% increase on the just over €2.62bn posted last year.
Enel chief executive and general manager Francesco Starace said: “Renewables were once again the major driving force behind the group’s positive performance, while the diversification of our geographical footprint proved effective to withstand the current, adverse development of certain exchange rates.
“On top of strong renewable growth, better margins posted by our distribution and retail activities in Italy and Spain, the acquisition of Sao Paulo distribution company Eletropaulo in Brazil, as well as the expansion of Enel X in North America, also contributed to the growth of our performance in the first nine months of 2018.
“The group’s financial performance posted in the first nine months of this year allows us to confirm our EBITDA and net income targets for full year 2018.”