Edison Records 12% Increase in Net Profit in 1Q of 2024

Edison Records 12% Increase in Net Profit in 1Q of 2024

Edison has announced its financial results for the first quarter of 2024, recording revenues of €4 billion in addition to 12% increase in EBITDA and Net profit compared to the same period last year.

“EBITDA increased by 12% to €595 million from €532 million in the same period in 2023, thanks to the strong performance of zero or near-zero direct emission businesses,” Edison stated in a press release on Friday.

Renewable energy generation made an especially positive contribution in the quarter, hydroelectric volumes, in particular, grew by more than 190% compared to the same period last year. Wind and photovoltaic power performed well too, with a combined increase of 12.4%.

Additionally, Edison Energia’s sales also saw a notable increase, particularly in the residential segment, with a 13% increase in the number of contracts for commodity and value-added services.

As a result, Edison Group ended the first quarter of 2024 with a net profit of €322 million, an 12% increase from € 288 million in the same period last year.

The company’s financial debt also showed a credit of €571 million as of March 31, 2024, compared to a credit of €160 million at the end of 2023.

Looking ahead, the Board of Directors of Edison has approved and confirmed its strategic targets for 2030, which were announced last year. These targets include doubling the company’s EBITDA to €2-2.2 billion, compared to €1.1 billion in 2022.

Moreover, the company aims to evolve its industrial portfolio to have zero or near-zero direct emission activities, which will account for 70% of EBITDA, compared to an average of 35% over the last three years.

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