By Joshua Kirby

 

Enel SpA on Thursday backed its targets for 2022, but said that earnings fell slightly in the first half of the year as the company stepped up investment in renewable-energy capacity.

The Rome-based energy company said adjusted earnings before interest, tax, depreciation and amortization registered a small decline to 8.3 billion euros ($8.46 billion,) compared with EUR8.44 billion in the same period last year. This was in part due to droughts that reduced hydropower generation, Enel said.

Revenue meanwhile surged to EUR67.26 billion from EUR36.29 billion previously, thanks to higher energy prices and volumes sold, the company said. Capital expenditure increased by 22% to EUR5.89 billion, as investment primarily went on expanding capacity in renewable energy and networks, the company said.

Adjusted net profit fell 8.3% on year to EUR2.11 billion, Enel said, citing operational developments only partially offset by the positive impact of financial results and lower taxes.

On the back of the results, Enel said it still expects to meet the targets for the full year previously set, including adjusted Ebitda of EUR19 billion-EUR19.6 billion and adjusted net profit of EUR5.6 billion-EUR5.8 billion. The targets are in line with the company's wider 2022-2024 strategic plan, it said.

 

Write to Joshua Kirby at

 

(END) Dow Jones Newswires

July 28, 2022 12:31 ET (16:31 GMT)

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