BAKU, Azerbaijan, March 21. Italian energy giant Snam reported an adjusted net profit of €1.289 billion for 2024, marking an increase of €121 million (+10.4%) compared to 2023, Trend reports.
The positive operating results were partially offset by higher net financial expenses, driven by a higher average net cost of debt and increased financial exposure. Additionally, higher income taxes linked to greater profits also impacted the bottom line.
Snam’s cash flow from operations amounted to €1.814 billion, which was used to finance part of the company’s net investments of €2.681 billion, including the increase in stake in Adriatic LNG. However, this resulted in a negative free cash flow of €867 million.
Net financial debt rose by €968 million, reaching €16.238 billion by year-end, primarily due to the 2023 dividend payout of €946 million, non-monetary variations of €129 million, and €976 million generated from the issuance of the first perpetual subordinated hybrid instrument.
In light of the strong results, Snam proposed a final dividend of €0.1743 per share for the 2024 financial year, to be paid on June 25, 2025 (with a record date of June 24, 2025 and ex-dividend date of June 23, 2025). This brings the total dividend for 2024 to €0.2905 per share, which includes the interim dividend of €0.1162 per share (totaling €390 million) distributed in January 2025.
The proposed dividend reflects a 3% increase compared to 2023, reaffirming Snam’s commitment to delivering sustainable returns to its shareholders over the long term.
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