BAKU, Azerbaijan, Nov.14
By Leman Zeynalova – Trend:
Total revenue of Italian Snam company, excluding items that are offset in costs, amounted to €1,954 million, up by €81 million in the first nine months of 2019, or 4.3 percent, on the first nine months of 2018, Trend reports citing the company.
“This increase reflected higher regulated revenue (+€59 million; +3.2 percent), mainly due to the results of the natural gas transportation segment, which benefited from the increase in the Weight average cost of capital (from 5.4 percent in 2018 to 5.7 percent in 2019) and seasonal effects on the volumes injected, along with higher non-regulated revenue (+€22 million; +41.5 percent), mainly due to the contribution by the companies that entered the consolidation scope,” Snam said in its report.
The report says that net income from equity investments amounted to €170 million, up by €39 million, or 29.8 percent, on the first nine months of 2018, thanks to the contribution of Teréga (+€16 million; +64 percent), following the release of a provision for tax disputes, and the entry of Senfluga (+€22 million), the company that on 20 December 2018 acquired control of Desfa, with a 66 percent share of the share capital.
“Net profit amounted to €867 million, up by €74 million, or 9.3 percent, on the adjusted net profit for the first nine months of 2018 (€793 million). The increase in the pre-tax profit (+€93 million; +8.6 percent) was partly offset by the impact of higher income taxes (-€19 million; 6.7 percent),” said the company.
Snam is Europe’s leading gas utility. It has been building and managing sustainable and technologically advanced infrastructure guaranteeing energy security for over 75 years. Snam operates in Italy and, through subsidiaries, Austria (TAG and GCA), France (Teréga) and the United Kingdom (Interconnector UK). It is one of the main shareholders of TAP (Trans Adriatic Pipeline) and is the company most involved in projects for the creation of the Energy Union.
Since 2001 Snam is a public company, listed in the FTSE MIB index of the Italian Stock Exchange.
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