EDRVY EDP Renovaveis SA (PK)

By Giulia Petroni

EDP Renovaveis SA said late on Monday that profit rose in 2022 as topline performance benefited from an increase in renewables generation and an improvement in the average selling price mainly in European markets.

The Portuguese renewable-energy company posted net profit of 671 million euros ($709.4 million) in the full year compared with EUR655 million a year earlier.

Earnings before interest, taxes, depreciation and amortization came in at EUR2.16 billion from EUR1.76 billion, also supported by the execution of asset rotation transactions, while revenue increased 35% on year to EUR2.37 billion.

EDPR produced 33.4 terawatt hours of clean electricity in the period, up 10% on year, it said.

The company will propose a flexible remuneration program for shareholders through a new scrip dividend, while adjusting the target dividend payout ratio to a 30%-50% range.

Shareholders may opt between receiving bonus shares, sell incorporation rights to EDPR at a fixed price or sell incorporation rights in the Euronext market at trading price, it said.

The new policy is set to start this year with the distribution of a maximum amount of EUR275 million.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

February 28, 2023 02:50 ET (07:50 GMT)

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