Madrid (awp/afp) – Energy group Iberdrola posted a slight increase in net profit in the first quarter, despite a sharp decline in its results in Spain, where soaring energy supply costs eroded margins. business.
The Spanish giant, one of the world leaders in renewable energies, made 1.06 billion euros (1.08 billion Swiss francs) in profit between January and March, an increase of 3% compared to the first quarter 2021 (1.02 billion).
This figure is slightly higher than the forecasts of analysts polled by the financial information provider Factset, who expected an average of 1.04 billion euros in profits.
It is explained in particular by good results in the United States and Brazil, where activity was stimulated by major investments, underlines Iberdrola in a press release.
In Spain, the Spanish group, on the other hand, saw its profit fall by 29% over one year, to 337 million euros.
This is explained by the surge in “its supply cost”, which was not “passed on to customers” benefiting from fixed-price contracts, underlines the company in a press release.
Iberdrola said it invested 2.1 billion euros in the first quarter, and 9.6 billion euros over the last 12 months, the vast majority to develop its renewable energy production capacity.
These investments primarily concerned the United States (32%), Spain (20%), Brazil (18%) and the United Kingdom (15%), with significant amounts injected into wind power in sea, says the group.
Over the last 12 months, 3,500 megawatts (MW) of renewable energy have been installed, including 1,218 MW in the photovoltaic sector, 1,136 MW in onshore wind power and 998 MW in hydroelectricity.
In view of these investments, Iberdrola confirms its objectives for 2022, with a profit of between 4 and 4.2 billion euros.
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