BAKU, Azerbaijan, March 21. Italy’s Snam reported net financial expenses of €331 million in 2024, an increase of €110 million compared to the previous year, Trend reports.
The rise was primarily driven by higher net financial debt and an increase in the average net cost of debt, which climbed to 2.5% from 2.0% in 2023, reflecting changes in the interest rate environment.
Despite this, the impact was partially offset by positive income from active cash management and the optimization of financial sources. Additionally, higher capitalized financial expenses and proceeds from the time value effect on Superbonus credits helped mitigate the overall increase.
Steady Growth in Equity Investments
Snam’s net income from equity investments reached €326 million, rising €11 million (+3.5%) year-on-year, exceeding expectations.
The international asset portfolio performed steadily, with Austrian associates significantly reducing losses, as they await the new regulatory system in 2025, which will eliminate volume risk. EMG, the pipeline connecting Israel and Egypt, also contributed positively due to higher transported volumes and the completion of fiscal management optimizations in its operating countries.
However, these gains were partially offset by the normalization of DESFA’s contribution, following an exceptional 2023 performance driven by shifts in Greece’s supply and import/export balancing.
Meanwhile, Italian associates increased their contribution by €6 million, led by Italgas and De Nora’s continued growth.
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