Italgas at full speed. The energy company closed i first nine months of 2023 with an ebitda of 910,5 million euros (+15,9% compared to 30 September 2022) while the adjusted net profit attributable to the group jumped by 10% to 316,7 million. Total revenues were close to 1,4 billion euros (+26%) and the cash flow from operating activities, net of the contribution of the ESCo (Energy service company), amounted to 576,8 million and completely offset the related investments to gas distribution. The group communicated this in a note. Following the excellent results, the title moves upwards (+1,13% to 4,84 euros) in contrast to the trend Business Square (-0,68%) ranking as the best blue chip of the day.
The results of the third quarter of 2023
Since September 2023 the group has created a Useful net profit of 316,7 million euros, up 9,7% compared to the same period of the previous year, and an adjusted net profit also of 316,7 million (+10,8%). THE revenues totals rose 26% to 1,369 billion, beating analysts' expectations. L'ebitda stood at 910,5 million, an increase of 15,9%, while theebit it grew by 18% to 536,7 million. At the end of September, net financial debt amounted to approximately 6,49 billion. Furthermore, in the first nine months, Italgas achieved 589 million euros investments dedicated mainly to the extension, digital transformation and repurposing of networks. In particular, 679 kilometers of new gas pipelines were laid. The contribution of the activities in Greece was significant where, following an investment of approximately 74 million, 435 kilometers of new gas pipelines were built.
Gallo (to Italgas): “Solid performance even in an unstable context”
The managing director, Paolo Gallo, spoke of "solid and valuable performances which allowed us to continue to grow even in an unstable socio-economic context due to the continuation of international tensions", explaining that the results were made possible above all thanks to the centrality of the distribution networks of gas - smart, digital and flexible - for a safe, sustainable and competitive ecological transition, but also thanks to the strategic choices in Greece, including the merger of the three DSOs into a single operator, and in the water sector the completion of the acquisition of Veolia concessions. “Digitalisation, decarbonisation, circular economy and training – adds Gallo – confirm themselves as strategic factors for achieving our growth objectives. Targets that will depend on our ability to push the innovation bar ever higher by continuing to leverage our main resource, people."
