Enel pledges higher dividend after 9% rise in H1 core profit
Adds comments on power prices, solar deal in Spain
By Francesca Landini
MILAN, July 25 (Reuters) -Italian utility Enel ENEI.MI said on Thursday it would pay a dividend on its 2024 results above the group's planned floor, after reporting a 9% rise in its first-half core profit.
"Results registered and the visibility on the second half of the year position us in the high end of the guidance range which... would enable us to reach a dividend above the fixed minimum of 0.43 euros per share," Chief Executive Flavio Cattaneo said in a statement.
The final amount of the dividend will be calculated on the basis of the full-year net ordinary income.
The state-controlled group reported ordinary earnings before interest, taxes, depreciation and amortisation (EBITDA) of 11.7 billion euros ($12.7 billion), just above an analyst consensus of 11.6 billion euros.
A jump in hydroelectric production due to heavy rains in the northern part of Italy, as well as strong output in Spain and Chile boosted the group's renewable power production and lifted its results.
On the other hand, core earnings at Enel's grids division and retail business fell, also due to the effect of disposals.
In Italy, volumes sold declined and the number of customers in the liberalised power market fell by 0.5 million to 11.1 million in the first half, as clients shifted to other suppliers in search of cheaper bills.
"We are adjusting power prices to return to a fair marginality on retail client business in Italy," Cattaneo said in an analysts conference call, adding the churn rate for the group was below market average.
Enel's Chief Financial Officer Stefano De Angelis said he expected the trend on hydro production to remain positive also in the second half and added the group expected to complete two additional disposals by year-end, with a positive impact expected on cash and debt.
On Thursday the group announced that its Spanish unit Endesa ELE.MC reached a deal to sell to Abu Dhabi's Masdar a 49.99% stake in the company controlling its solar power installations in Spain for 817 million euros.
The group's net debt fell to 57.4 billion euros at end-June, from 60.2 billion euros at the end of 2023, with some negative items reducing the positive effect of disposals relating to assets in Latin America and the United States.
Power production in the group's home country was down 17% as a 36% jump in hydroelectric production was more than compensated by a nearly 60% drop in conventional power production.
($1 = 0.9211 euros)
Reporting by Francesca Landini
Editing by Keith Weir
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