Thursday, December 9

Red Eléctrica will pay a dividend of 0.27 euros after the improvement in results

The board of directors of Electric Network has approved a dividend of 0.27 euros per share charged to the accounts for 2021 and the payment will be made on January 7. The news comes after the company increased its profit 8.6 percent through September compared to the same period in 2020.

Profits of 550.8 million euros were produced thanks to an improvement in all business lines, but above all for the contribution of Hispasat, its satellite business, after being awarded the management and transport of signals from Media Networks in Latin America.

Hispasat contributed to revenues with 18.6 million euros of which 8.6 million euros correspond to the new contract. The turnover remained in line with the figures registered a year ago, a decrease of 0.2 percent, to 1,465.5 million euros.

Impact of the new remuneration framework

Ebitda rose 0.3 percent, to 1,158.2 million euros, and investments fell over 50 percent, to 349.1 million euros. The debt goes from 6,100 million and financial costs were reduced to 1.53 percent.

With everything, Red Eléctrica points out that the data is negatively impacted by the drop in revenue from the regulated business in Spain due to the new remuneration framework, as is the case with the rest of the sector.

What’s more, notes that it has not benefited from the increase in electricity prices during the third quarter of the year because their income is regulated. Thus, the turnover for the management and operation of electrical infrastructures in Spain remained equal to those of a year ago, 1,214 million euros.

Project progress

Regarding the evolution of the projects, Red Eléctrica indicated that at the end of July the reversible hydroelectric plant of Chira waterfall, Canary Islands, received approval as a favorable environmental impact zone.

In August he received the same authorization in the electrical interconnection between Ibiza and Formentera after obtaining the approval of the competent authorities for construction and declaration of public utility in September.

These advances allow the execution of investments for an amount of about 600 million euros, more than 15 percent of those raised in the strategic plan, according to the company.