Repsol, Iberdrola, Naturgy and Endesa, the largest Spanish energy companies, obtained a joint profit of 3,135 million euros in the first quarter of 2022, 23% more than the 2,547 million obtained in the same period of 2021.

On this occasion, much of the improvement is explained by Repsol, which obtained a net result of 1,392 million euros until March, compared to 648 million in the same period of the previous year, which represents 114.8% more.

Among the reasons, according to Repsol, the rise in hydrocarbon prices, which reached highs not seen since 2008, as well as its integrated business model and the management carried out following the 2021-2025 Strategic Plan, which allowed it to take advantage of the context international economic.

The adjusted net result, which specifically measures the progress of the businesses, reached 1,056 million euros, compared to 471 million in the comparable period of the previous year. The exploration and production area, which carries out all of its activity outside of Spain, contributed 69% of that figure, with 731 million euros. The service stations that the company has in Spain represented just under 5% of the total adjusted net income.

Iberdrola also managed to improve its result, registering a net profit of 1,058 million euros in the first quarter, 3% more than the 1,025 million a year earlier.

According to the company, the growth in international business (33% of the American Avangrid and 20% of the Brazilian Neoenerga) offset the adverse result of Iberdrola Spain, which fell 29% in its net profit, to 337 million euros, “Due to the high prices of the energy that it has not passed on to its clients to whom it sold the energy at previously agreed fixed prices.” In fact, Spain already accounts for less than a third of the group’s total profit.

The gross operating profit (Ebitda) increased by 5%, to 2,951 million, due to the good performance of the United States, Brazil and the international area. The company ratified its net profit forecast for this year, between 4,000 and 4,200 million.

Among those that had worse results than in 2021, Naturgy registered a net profit of 347 million euros, which represents a drop of 9.4% compared to the 383 million obtained in the same period of 2021.

For its part, the gross operating profit (Ebitda) stood at 1,074 million, in this case 9.4% more than at the start of 2021.

The company indicated that the quarter was marked by the recovery of international activities while the operation in Spain continued to experience pressure on sales margins, partly affected by contracts that do not reflect the global increase in gas and electricity prices.

Lastly, the worst evolution was that of Endesa, although it is explained by the absence of extraordinary items. It registered a net profit of 338 million, which represented a drop of 31.2% compared to the 491 million obtained in the same period of 2021.

The gross operating result (Ebitda) stood at 914 million, 10% less than in the first quarter of last year, but 10% higher if the atypical results of 2021 are not considered, essentially the 188 million from a court ruling relating to CO2 rights.

Endesa pointed out that it was “a period strongly marked by the deterioration of the macroeconomic scenario and the high prices of raw materials and, particularly, of gas, which was 350% more expensive on average than in the first quarter of 2021.”

The electricity company of the Italian group Enel also maintains its financial objectives for the year consisting of obtaining a net ordinary result of 1,800 million and an Ebitda of 4,100 million.


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