BILBAO (dpa-AFX) - Spanish energy company Iberdrola SA (IBDSF.PK) reported Thursday higher profit in fiscal 2024, despite weak revenues. The company noted that performance was ahead of 2026 Strategic Plan goals, driven by increased demand in all countries.
In the year 2024, Iberdrola Group's net profit stood at 5.61 billion euros, 17 percent higher than 4.80 billion euros in 2023. Adjusted net profit in 2024 was 5.53 billion euros.
EBITDA grew 17 percent to 16.85 billion euros from 14.42 billion euros last year, affected by the capital gain from the thermal generation divestment and driven by the strong operational performance. Adjusted EBITDA was 15.22 billion euros.
Net revenues for the year, meanwhile, dropped 9.3 percent to 44.74 billion euros from 49.33 billion euros a year ago.
Further, the company will propose a final dividend of 0.404 euro per share to the General Shareholders' Meeting. The total dividend would be 0.635 euro per share, an increase of 15 percent from the prior year.
Looking ahead, the company projects net profit for fiscal 2025 to achieve mid- to high-single digit growth, excluding extraordinary items.
Ignacio Galán, Executive Chairman of Iberdrola, said, 'With electrification driving growth in demand across all of the countries Iberdrola serves, this strong set of results delivers ahead of our strategic plan. . A strengthened business profile and better market fundamentals contribute to a structural improvement in our outlook for 2025 and beyond.'
In Spain, Iberdrola shares were trading at 13.87 euros, down 0.72 percent.
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