The Spanish energy group Iberdrola announced this Wednesday that it obtained a rising net profit in 2021, despite the reduction in its margins linked to the rise in energy prices in two of its main markets, Spain and the United Kingdom.
The net result of the Spanish giant, one of the world leaders in renewable energies, reached 3,885 million euros (4,408 million dollars), an increase of 8% compared to 2020 (3,610 million euros or 4,096 million dollars).
The figure, higher than the target set by the group (between 3,700 and 3,800 million euros), equally exceeded the forecasts of the analysts consulted by Factset, who on average expected some 3,730 million euros (4,232 million dollars) of profit.
Iberdrola’s gross operating profit (Ebitda) reached 12,006 million euros (13,623 million dollars), for an increase of 20% compared to the previous year, the company said in a statement.
Iberdrola explained that it benefited from the “good behavior” of its activities in Brazil and the United States, thanks to the “new installed capacity”, especially in terms of renewable energy.
This made it possible to offset the reduction in its margins in Spain and the United Kingdom, due to the rise in energy prices.
“The acceleration of investments” allowed Iberdrola to reach a growth rate “higher than expected,” the group’s president, Ignacio Galán, congratulated himself in the statement.
Iberdrola reported having invested 9.94 billion euros ($11.279 million) last year, mainly to develop its renewable energy production capacity.