Snam Reports Stable Numbers in 9M 2020
Italian gas grid operator Snam said on November 5 it had generated stable profits and revenues for the first nine months of the year, despite the impact of the Covid-19 pandemic.
Core earnings (adjusted Ebitda) inched up 0.5% to €1.67bn ($2bn), on the back of a 3.9% growth in revenues to €2.03bn. Adjusted net profit came to €873mn, up 0.7%.
Snam will pay a dividend of €0.0998/share or €371mn in total for period. Its net debt increased to €12.8bn at the end of September, from €11.9bn at the end of 2019, while technical investments rose 17.2% to €762mn.
"Our results for the first nine months of 2020, despite the context of great uncertainty caused by the pandemic, are in line with those of the previous year thanks to the solidity of the core business, the growing contribution of new activities in the energy transition and the actions of cost containment," CEO Marco Alvera said in a statement.
Snam closed the purchases of 70% interests in energy efficiency specialists Mieci and Evolve this year, along with a 50% stake in agricultural biomethane firm Iniziative Biometano.