(Alliance News) - Edison Rsp Spa reported Friday that it made a profit of EUR322 million in the first quarter of the year, up from EUR288 million in the same period of 2023, thanks, in particular, to an increase in renewable production and good sales performance of Edison Energia.

Revenues amounted to EUR4.07 billion from EUR6.10 billion in the first quarter of the year before. Energy demand in Italy increased by 0.7 percent year-on-year and gas demand fell by 4.0 percent. The decline in sales revenues, however, was due to the reduction in the price scenario, despite the positive performance of sales volumes.

Ebitda rises to EUR595 million from EUR532 million in the same period 2023, up 12% thanks to the increase in renewable production - by 58% in volume - driven by the recovery in the hydroelectric sector and the growth in Edison Energia's sales, which further strengthened on the domestic customer front, recording a 13% increase in the number of commodity contracts and value-added services.

Operating income is EUR494 million from EUR454 million in the first three months of the previous year.

Financial debt as of March 31 shows a credit balance of EUR571 million, compared with a credit balance of EUR160 million as of Dec. 31, 2023, mainly due to significant cash generation dictated by good operating results.

Edison's board of directors also approved and confirmed the strategic outlines to 2030 announced last year, which include a doubling of Ebitda to EUR2-2.2 billion, compared to EUR1.1 billion in 2022, and an evolution of the industrial portfolio that will result in zero or near-zero direct emission activities accounting for 70 percent of the same Ebitda, compared to the last three-year average of 35 percent.

Edison's stock advances 1.0 percent to EUR1.54 per share.

By Chiara Bruschi, Alliance News reporter

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