Italian gas grid operator Snam reports 12% rise in nine-month core profit
Adds CEO comment and detail throughout
By Francesca Landini
MILAN, Nov 7 (Reuters) -Italian gas grid operator Snam SRG.MI on Thursday reported a 12% jump in nine-month core earnings as growth at its fuel transport business more than offset weakness in its energy transition division.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) were 2.09 billion euros ($2.2 billion) for the January-September period, in line with an analyst consensus provided by the group.
The company confirmed financial targets for 2024 and said its investments rose nearly 50% year on year to 1.8 billion euros as it boosted Italy's liquefied natural gas (LNG) infrastructure, increased its gas export capacity towards northern Europe and improved the network.
"We are making significant progress in strengthening security of supply and supporting a sustainable energy transition," Snam CEO Stefano Venier said in a statement, adding that 50% of the group's investments were aligned with the Sustainable Development Goals of the United Nations.
In particular, Snam said it spent 88 million euros on Italy's first carbon capture and storage hub in a joint project with Eni ENI.MI.
The group will pay an interim dividend of 0.1162 euros per share, up 3% and in line with its dividend policy.
Net debt fell to 15.9 billion euros, from 16.4 billion euros at the end of July, and is expected to rise less than previously expected to 16.5 billion euros by the end of this year.
Adjusted net income was up nearly 6% ay 996 million euros, in line with the analyst consensus.
($1 = 0.9290 euros)
Reporting by Francesca Landini
Editing by David Goodman
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