(Alliance News) - The board of directors of Snam Spa on Thursday announced that it has approved consolidated results for the first quarter of 2024, a period that ended with a reported net profit of EUR337 million from EUR304 million in the first quarter of 2023.

Total revenues were EUR895 million, down from EUR912 million in Q1 2023. "Growth in regulated revenues related to the implementation of the investment plan, increased WACC and higher output-based incentives; declines in revenues from the energy efficiency business, particularly in residential," the released note said.

Ebitda was EUR703 million, up 18 percent, due to growth in regulated revenues, partly absorbed by the lower contribution of the energy transition businesses.

Net debt was EUR15.8 billion, up EUR523 million from Dec. 31, 2023, "mainly due to investments made in the period and the payment of the 2023 interim dividend," the company note said.

Snam closed Wednesday's session in the green by 1.0 percent at EUR4.50 per share.

By Maurizio Carta, Alliance News reporter

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