Iberdrola Reports 64% Profit Surge in H1 2024, Boosted by Mexican Power Plant Sales and Renewables Growth.

Spanish utility Iberdrola SA (BME:IBE) reported a reported net profit of EUR 4.13 billion (USD 4.48bn) for the first half of 2024, a 64% year-on-year increase due to the sale of power plants in Mexico. The profit was boosted by capital gains from the Mexico deal, which added EUR 1.7 billion to the net profit level. Without these capital gains, the bottom line of close to EUR 3 billion was still higher by 18%. EBITDA rose by 27.2% to EUR 9.61 billion on the Mexico capital gains. Despite this, revenues fell by 13.8% to € 22.6 billion. Power production from IberDrola’s renewables rose by 5.3% to 45,181 GWh from January through June, with Spain and the Rest of the World experiencing the highest increase in output during this period. The utility also raised its net profit outlook for the fiscal year 2024, anticipating new capacity additions in the second half of the year.