Italgas has decided to postpone the presentation of the 2024-2030 Strategic Plan, previously scheduled for 12 June 2024
Italgas announced its financial results for the first quarter of 2024.
The company ended the reporting period with revenues for 431.3 million euros, down 10.1% compared to the 479.9 million obtained in the first three months of the previous year, due to the contraction of energy efficiency activities relating to Superbonuses.
On the contrary, the gross operating margin rose by 9.6%, from 297.2 million to 325.7 million euros, as a result of the decrease in operating costs (-42.2%).
Italgas closed the 1st quarter of 2024 with a Net income (excluding the share of third parties) of 117.6 million euros, up 13.5% compared to the 103.6 million recorded in the same period of the previous year.
At the end of March 2024 thenet debt it had fallen to 6.55 billion euros, compared to 6.63 billion at the beginning of the year.
The cash flow from operating activities of the 1st quarter of 2024 was equal to 342.2 million euros. Considering the flow deriving from net investments of 143.7 million euros, the company generated free cash flow, before M&A operations, of 115.7 million euros.
In the first three months of the year Italgas carried out technical investments for an amount of 160.9 million euros, with a decrease of 8.1% compared to the corresponding period of 2023 (175.1 million euros).
Consistently with the provisions of the 2023-2029 strategic plan, Italgas will continue to pursue its strategic objectivesaimed at strengthening, developing and digitally transforming gas distribution assets in Italy and Greece.
Furthermore, following the announcement of the start of an exclusive negotiation period for the acquisition of 100% of the capital of 2i Rete Gas, Italgas has decided to postpone the presentation of the 2024-2030 Strategic Plan, previously scheduled for 12 June 2024.
