– Enel reported an 86.8% surge in group net income for Q1 2024
– Revenues declined by 26.4% due to lower earnings from thermal generation
– Enel’s EBITDA increased by 11.6% in the same quarter, attributed to positive performance in certain business units and geographic areas
Enel, an Italian utility company, reported an 86.8% increase in net income for the first quarter of 2024, despite a 26.4% decrease in revenues compared to the previous year. The decline in revenue was attributed to lower earnings from thermal generation due to a drop in prices and reduced electricity volumes. However, the company’s EBITDA rose by 11.6% due to positive performance in certain business units and geographic areas. Enel Green Power experienced a revenue increase, while the end-user markets division saw a decline. Capital expenditure for the quarter decreased by 10%, in line with the company’s strategic plan for 2024-26. Electricity and gas sales also decreased in the quarter. Enel’s CFO expressed confidence in the company’s ability to achieve its objectives for 2024, including reducing group net debt and confirming the shareholders’ remuneration policy.