Natural Gas Pipeline
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...