By Giulia Petroni

Enel SpA said profit fell in 2022 while core earnings and revenue grew supported by thermal generation and renewable capacity additions despite losses in the retail market.

Italy's largest utility on Thursday reported net profit of 1.68 billion euros ($1.79 billion) in the full year, down from EUR3.19 billion a year earlier. On an adjusted basis, net profit--or net ordinary income--came in at EUR5.39 billion.

Earnings before interest, taxes, depreciation and amortization were EUR19.92 billion from EUR17.23 billion the year prior. As outlined during preliminary results, Ebitda adjusted for one-offs--or ordinary Ebitda--increased to EUR19.68 billion.

Net ordinary income and ordinary Ebitda came in above the group's own guidance set in the 2023-25 strategic plan, Enel said.

Revenue was confirmed at EUR140.52 billion, up 64% on year supported by higher volumes of energy produced and sold as well as favourable exchange rate developments.

Enel said capital expenditure amounted to EUR14.35 billion last year, mainly allocated towards networks and renewables.

The company reaffirmed a dividend proposal of EUR0.40 a share, a 5.3% increase on year.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

March 16, 2023 13:48 ET (17:48 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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