Iberdrola reports quarterly net profit of 2,760 million

The sale of part of Iberdrola’s business in Mexico generated an impact of 1,165 million euros (21,285 million pesos) in the company’s net profit for the first quarter, that is, equivalent to 42 percent of a total of two thousand 760 million euros (50 thousand 425 million pesos).

According to the report presented this Wednesday (https://bit.ly/3Wfawah), the global net profit of the Spanish energy company in the January-March period was 28 percent above the 1,485 million euros reported in the first quarter of 2023.

However, its income fell by 18 percent to 12,679 million euros.

In the document, the company recalls that on February 26, it completed the sale of 55 percent of its business in Mexico for a figure of six thousand 200 million dollars, as reported The Conference (https://bit.ly/4aQtY1x). The transaction included 13 generation plants “with an installed capacity of eight thousand 539 MW, of which 99 percent corresponds to gas combined cycles and 87 percent to plants that operate under the Independent Energy Producer regime, contracted. with the Federal Electricity Commission.”

Among its results for the first quarter of 2024, Iberdrola also highlights the greater contribution of the renewable business; Production in the Iberian Peninsula grew 19 percent to reach its highest levels in the last 10 years, while offshore wind production in the United Kingdom, Germany, France and the United States increased by 16 percent.

In this same sense, it reported investments for two thousand 382 million euros, a record figure for a first quarter and an increase of 36 percent compared to the reference period. Of the aforementioned amount, investments in renewables during the quarter represented 42 percent or one billion euros.

Derived from the above, the company expects profit growth this year of around 7-9 percent compared to the range of between 5 and 7 percent previously forecast.

“These results show the solidity of Iberdrola’s model and the positive impact of the investments included in our 2024-26 Plan. The good evolution of our businesses in the first quarter, together with the growth of investments already underway, also allows us to improve our forecasts for the entire year 2024,” highlighted the president of Iberdrola, Ignacio Galán, cited in the document.