Iberdrola shoots its profit by 29% despite increasing provisions for inflation

Iberdrola enters the final stretch of the year with a feast of benefits and a cushion against the economic crisis.

The first Spanish electricity company has triggered its profit between January and September, up to

than the 2,408 million registered in the same period last year.

A sweet moment that the group has taken advantage of to increase provisions by 36% to face an "adverse economic environment".

The good evolution of the business has allowed the electricity company chaired by

to reaffirm its objective of obtaining a record result of between 4,000 and 4,200 million euros at the end of the year, in the heat of the high prices of the energy market.

In addition, Iberdrola has given the green light to an

charged to 2022 to 0.18 euros per share, 5.9% more than the remuneration charged to 2021.

The EBITDA (gross operating profit) of the Production and Customers business in Spain has grown to 2,296.5 million, 12.5% ​​more.

Compared to the 18% drop experienced by the United States business, or the 26.1% increase in the British division.

While the gross margin of the Networks business in Spain fell by 14%, to 1,271.8 million, due to an unfavorable court decision, which had an impact of 206 million.

At a global level, the company's gross margin has grown by more than 16%, reaching almost 14,666 million between January and September.

The EBITDA of the energy company increased by 16.7% compared to that recorded in the same period of 2021, "driven by the solid evolution of the businesses".

Until September, the electricity company has made gross investments amounting to

, +14.2% more than in the same period of the previous year.

Of the total, 40% has been allocated to the network business and 49% to the area of ​​renewable generation.

New command structure

Iberdrola surprised the markets yesterday with a shift in its command structure.

The group appointed Armando Martínez as its new CEO, the first in more than two decades.

The movement tries to appease the clamor of the large investment funds, some of them, such as

, with a large presence in the capital of the energy company, for a split of the positions of CEO and president in the large listed companies.

Until yesterday Sánchez Galán concentrated both positions.

With the appointment of Martínez, until now the group's Business Director, Iberdrola only partially complies with the governance requirements of institutional investors.

Sánchez Galán will continue as executive president, which, in practice, implies that the businessman from Salamanca will continue to maintain full powers.

From now on, yes, he will have to share with his new 'number two' the executive functions that, until now, he has enjoyed exclusively.

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