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Snam's core profits up 14%; investment to reach record levels in 2024

Snam, the Italian gas grid company, said that its core adjusted earnings increased by 14% in 2012 as its fuel infrastructure operations more than offset a decline in its energy efficiency activities.

The company met its guidance for adjusted earnings before interest taxes, depreciation, and amortization (EBITDA).

The group announced that it had completed the sale of ADNOC Gas Pipelines' minority stake and will book a capital profit of approximately 120 million euros, net of tax.

The company exceeded its own guidance by 10%, bringing the adjusted net profit to 1,29 billion euros.

Snam CEO Stefano Venier said that annual investment had reached a new record of almost 3 billion euros. He is expected to be re-elected in May.

A new terminal for liquefied gas (LNG), located in the Adriatic Sea, was part of the capital investment.

Snam has been mandated by the Italian Government to increase the country's capacity to import LNG in 2022, when Russia cut off gas exports to Italy. ($1 = 0.9181 euros) (Reporting and editing by Gavin Jones and Kirsten Donovan).

(source: Reuters)