Electricity company Endesa reports profits of €1.39 billion in 2020

SPANISH electricity company Endesa multiplied its profits by more than eight in 2020, up to €1.39 billion.

The net profit of the company in 2020 was a rise of 715.2 per cent compared to the €171 million profit of 2019- that is despite their reported deterioration of assets generation in non-peninsular territories of €253 million.

Endesa’s CEO, Jose Bogas, highlighted that the group has achieved “a solid operational and financial performance in a year that has been full of challenges at all levels derived from the impact of the pandemic.”

The shareholder benefits for 2020 will be the last in which 100 per cent of the profit is applied, as from 2021 it will be reduced to 80 per cent, and then to 70 per cent between 2022 and 2023. This is to allow the investment of €7.9 billion from the subsidiary of the Italian company Enel.

The group’s ordinary net profit, which is the basis for the distribution of the dividend, reached €2.13 billion in 2020, which is 36 per cent more and improves the forecasts announced by the company.

The gross operating profit of the electricity company at the end of 2020 stood at €3.78 billion, with a decrease of 1.5 per cent compared to the previous year as a result of an impact of €120 million due to the Covid -19 pandemic.

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