Iberdrola 9-month Profit Climbs; Reaffirms FY19 Profit View - Quick Facts

(RTTNews) - Spanish utility Iberdrola S.A.(IBDSF.PK) reported Wednesday that its net profit in the first nine months of 2019 grew 20.4 percent from last year to 2.51 billion euros.

The results were benefited largely by the investments undertaken by the group that climbed 29.7 percent to 4.727 billion euros.

Gross operating profit or EBITDA reached 7.50 billion euros, up 11.6 percent, driven by the good performance of Networks, and Generation and Supply. These more than offset the impact of lower hydroelectric output in Spain in the Renewables business.

Chairman Ignacio Galán highlighted "the acceleration of investments and the early achievement of our efficiency and asset turnover targets for 2022."

Looking ahead for fiscal 2019, the company continues to expect net profit to show double-digit growth.

Further, the company announced a new edition of its Iberdrola Flexible Remuneration programme, which involves a 10.6% increase in the interim dividend for 2019 to 0.167 euro gross per share to be paid on February 5, 2020.

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