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Redeia earns 363 million in the first half, 1.4% more

MADRID, 27 Jul.

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Redeia earns 363 million in the first half, 1.4% more


Redeia -former Red Eléctrica Group- obtained a net profit of 363 million euros in the first half of the year, which represents 1.4% more than in the same period of 2021.

This result, in line with the group's forecasts, was driven by the good performance of international electricity transmission operations, with a net result of 31.9 million.

On June 29, Redeia closed the process of selling the minority stake of 49% of Reintel to KKR for an amount of 995.6 million euros, an operation that led to a capital gain in the group's net worth of 919 million of euros.

After the completion of this process, the company decided to increase the shareholder remuneration charged to the results of the 2023 financial year, thus the dividend will be 1 euro per share in that year, compared to the 0.8 euros provided for in the strategic plan.

Likewise, it was decided to reinforce the own funds of Red Eléctrica de España by an amount of 900 million euros, which will allow it to assume the demanding challenges arising from the energy transition with greater financial strength.

Redeia's gross operating profit (Ebitda) in the first half amounted to 784.6 million euros, 1.7% more than in the same period of the previous year.

The income -turnover and results of investee companies- of the group chaired by Beatriz Corredor until June reached 1,031 million euros, 4% above the figure recorded in the first half of last year.

Thus, all of the company's businesses experienced positive growth, although the international electricity activity stood out, specifically due to the update of income and organic growth in Chile and Peru, the improvement in the exchange rate and the good progress of the activity of Argo in Brazil, driven by the entry into service of the Argo II and Argo III projects and the acquisition of Argo IV (Rialma).

For its part, the satellite turnover improved by 14.7% due to its higher sales and the effect of the acquisitions made in 2021 in Peru, in addition to the exchange rate.

Regarding Redeia's net financial debt, it closed the month of June at 4,374.7 million euros, 22.5% lower than those registered in the previous year. This significant decrease was mainly due to the sale of Reintel's 49% stake. In addition, in this semester the group reduced the financial cost to 1.46% compared to 1.53% in 2021.

Regarding the dividend, on July 1 the company paid the complementary dividend corresponding to the 2021 financial year for an amount of 0.7272 euros per share. In this way, the total dividend paid against said financial year amounts to 1 euro per share, as contemplated in the current strategic plan.

With regard to investments, in this first semester they registered an increase of 8.2%, reaching 273.4 million euros.

The investment allocated to the development of the transmission network in Spain was 202.8 million euros, 10.8% more than in the first half of 2021, mainly due to the progress made in strategic projects such as the electrical interconnection Lanzarote-Fuerteventura, the Salto de Chira storage project in Gran Canaria or the good degree of execution of the Ibiza-Formentera interconnection, among others.

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