BAKU, Azerbaijan, May 16. Italian energy giant Snam’s adjusted net profit for the first quarter of 2024 amounted to 335 million euros, marking a notable increase of 34 million euros or 11.3% compared to the same period last year, Trend reports citing the company.
This growth can be attributed to an uptick in EBIT (Earnings Before Interest and Taxes), albeit partly offset by higher net financial expenses and increased income taxes resulting from the rise in Pretax profit.
Meanwhile, net income from equity investments stood at 75 million euros, remaining largely steady compared to Q1 2023, with a marginal increase of 1.4%.
Notably, international participations played a significant role, with TAP (Trans Adriatic Pipeline) benefiting from inflation adjustments in revenues and EMG (East Mediterranean Gas) contributing more substantially due to the recognition of nonrecurring income from previous years.
However, these gains were somewhat offset by lower contributions from DESFA, the Greek company, primarily due to reduced auction premiums at key export and entry points, as well as decreased contributions from the Austrian subsidiary TAG and SeaCorridor. Both were impacted by reduced gas imports to Italy, partly stemming from decreased domestic demand.
Follow the author on X: @Lyaman_Zeyn
