BILBAO (dpa-AFX) - Spanish utility Iberdrola S.A.(IBDSF.PK) reported Wednesday that its fiscal 2020 net profit increased 4.2 percent from last year to 3.61 billion euros, driven by investment and operating performance.
Underlying EBITDA was 10.71 billion euros in 2020, up 8 percent. The company noted that lower performance in Spain was compensated by international growth which now provides two thirds of EBITDA.
EBITDA for Iberdrola Spain fell 5 percent and net profit 13 percent. However, investment grew 21 percent to 2.1 billion euros.
Further, Iberdrola would propose a shareholder remuneration for 2020 of 0.42 euro gross per share, 5 percent more than in 2019.
A supplementary remuneration of 0.252 euro gross per share for 2020 will be proposed to the Shareholders' Meeting.
Looking ahead for fiscal 2021, the company expects to achieve net profit between 3.7 billion euros and 3.8 billion euros.
The company also expects to distribute a dividend of 0.44 euro per share for the new year.
In 2020, Iberdrola registered 43.8 million contracts, which it plans to increase to 48.5 million by the end of 2021. This will rise to 60 million in 2025 and around 70 million by 2030.
Further, the company projects to reach 5 billion euros net profit by 2025 and approximately 7 billion euros by 2030.
Shareholder remuneration is expected to evolve in line with results. The company expects a dividend of 0.56 euro gross/share for 2025 and around 0.75 euro gross per share in 2030.
his dividend policy represents a 40 percent increase in shareholder remuneration for the period 2019-2025 and approximately 90 percent increase between 2019-2030.
Iberdrola shares were trading at 10.36 euros, up 1.07 percent.
Copyright RTT News/dpa-AFX
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