(Alliance News) - A2A Spa reported Tuesday that it closed the first quarter with a net profit of EUR294 million from EUR173 million as of March 31, 2023, up 70 percent.

Revenues for the period stood at EUR3.42 billion from EUR5.13 billion in Q1 2023, down 33 percent.

Ebitda as of March 31 was EUR703 million from EUR501 million in 2023, up 40%, while Ebit was EUR465 million from EUR289 million, up 61%.

Net financial position is papri to EUR4.75 billion from EUR4.68 billion as of Dec. 31, 2023.

Customers increased in the period by 454,000 from last year, up 15 percent.

Guidance for 2024 was revised upward and the group said it will target Ebitda of between EUR2.08 billion and EUR2.12 billion and ordinary net income of between EUR650 million and EUR670 million for 2024 based on good results in the first quarter and the solid performance expected from the Generation & Trading and Market Business Units during the remainder of the year.

On the energy traction front, the company signed a purchase and sale agreement regarding the electricity network branch managed by e-distribuzione in some areas of Lombardy in the provinces of Milan and Brescia.

For A2A, the deal-which will be finalized by Dec. 31-will increase the installed electric PODs by about 70 percent in 2023, from about 1.3 million to about 2.1 million, in an area of Lombardy where the group is already present in electric distribution, thus enabling important industrial synergies.

In addition, the new flue gas purification line of the Brescia waste-to-energy plant was inaugurated, 70% of the Friulano 2 Solar Park was acquired, which obtained a permit for the construction and operation of a photovoltaic plant with an authorized capacity of 112.1 MWp, and green energy production amounted to 1.3TWh di, up 83% compared to the same period last year, thanks to increased hydraulicity and the contribution of the Matarocco wind farm.

A2A rises 1.8 percent to EUR2.00 per share.

By Claudia Cavaliere, Alliance News reporter

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