BAKU, Azerbaijan, March 16. Net financial expenses of Italian Snam amounted to 123 million euros in 2022, rising by 21 million euros or 20.6 percent compared with the financial year 2021, Trend reports with reference to the company.
The growth was driven by higher expenses due to financial debt related to higher average cost of debt, which was up by 1.1 percent in 2022, as compared to 0.8 percent in 2021. The cost of debt rose mainly due to the changed interest rate scenario during the year.
Net income from equity investments stood at 308 million euros, increasing by 14 million euros, or 4.8 percent, compared with the financial year 2021.
“Among the associates, more specifically, Interconnector Limited benefitted from an increase in available export capacity fostered by current market conditions and, in particular, the abundant supply of liquefied natural gas in the United Kingdom, with a consequent increase in price competitiveness. The increase in income from equity investments was also affected by the increased contribution from associate companies such as Teréga, mainly due to the larger quantity of gas they exported and DESFA for an increase in LNG terminal flows and exports to Bulgaria,” said the company.
Group adjusted net profit for the financial year 2022 amounted to 1,163 million euros, down by 55 million euros (-4.5 percent) compared to the 2021 adjusted net profit, due to the lower operating profit and offset by the positive performance of associates.
Follow the author on Twitter: @Lyaman_Zeyn