BILBAO (dpa-AFX) - Spanish energy company Iberdrola SA (IBDSF.PK) on Wednesday reported a rise in net profit for the first-half, supported by positive tariff adjustments for networks in the UK, U.S., and Brazil and higher production.
In addition, the company has increased its guidance for annual earnings growth.
Ignacio Galan, Executive Chairman of Iberdrola, said: 'Record renewables production and robust performance in our networks business has helped to deliver a strong set of results for the first half of 2024. We have also invested more than ever before in the first 6 months which will drive benefits in the second half of the year, in terms of new renewables capacity and a higher rate base in networks. This allows us to increase our profit guidance for the year.'
For the six-month period, the company recorded a net profit of 4.13 billion euros, higher than 2.52 billion euros last year.
EBITDA stood at 9.61 billion euros, compared with 7.56 billion euros a year ago.
The company said it intends to pay a final dividend of 0.351 euro per share on July 29.
Looking ahead, for the full-year 2024, excluding capital gains from asset rotation, Iberdrola now expects double-digit profit growth against its earlier projection of high-single-digit profit growth.
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