By Mauro Orru


Enel's net profit more than doubled last year despite a decline in revenue due to lower average sale prices as the energy market normalized.

The Rome-based energy company on Thursday reported a net profit of 3.44 billion euros ($3.76 billion) for 2023 compared with EUR1.68 billion in 2022. On an adjusted basis, net profit--or net ordinary income--climbed almost 21% to EUR6.51 billion.

Earnings before interest, taxes, depreciation and amortization grew 1.7% to EUR20.26 billion. Adjusted for one-offs, Ebitda--or ordinary Ebitda--jumped nearly 12% to EUR21.97 billion.

Enel had targeted net ordinary income between EUR6.4 billion and EUR6.7 billion, and ordinary Ebitda between EUR21.5 billion and EUR22.5 billion for last year.

Revenue slipped to EUR95.57 billion from EUR140.52 billion in 2022.

The company said it would pay a dividend of EUR0.43 per share for 2023, above the EUR0.40 euros per share it paid for the previous year.


Write to Mauro Orru at mauro.orru@wsj.com


(END) Dow Jones Newswires

03-21-24 1327ET