Italgas, with diversification Italy drops to 83% of the operating margin – Corriere.it

Italgas is ready to reorganize its activities in Greece and to participate in other gas tenders in Italy. The CEO Paolo Gallo announced it yesterday on the sidelines of the quarterly report, which closed with revenues of 479.9 million (+35.6%), an Ebitda of 297.2 million (+18.9%) and a net profit of the group of 103.6 million (+16.5%). In Italy, the CEO believes that two or three gas tenders could be launched within the year in the territories in which Italgas intends to participate and underlined the change of pace of the government aimed at revising the guidelines for the evaluation of the offers, especially with reference to the digital transformation. We are accelerating investments to reach 80% of the network digitized and controlled remotely by the end of 2023, he said. For the acquisition of the shares held by Veolia in water distribution in Italy – confirmed the CEO – we plan to present a binding offer within the terms of the exclusivity, ie May 10th.

Growth abroad

Distribution activities in Italy represented 83% of Italgas’ Ebitda in the first quarter of 2023 (i.e. 247 million including divestments), against 99% in the same period last year. The CEO Paolo Gallo explained it during the conference call to present the quarterly. The remaining 17% is held by energy efficiency activities (20.5 million) and by the Greek company Depa (29.7 million). It is, noted the manager, the result of the diversification of the group’s business. In September 2022, the group acquired 100% of Depa Infrastructure, the group that manages a large part of the gas distribution network in Greece. By the end of the year – Gallo said – the three Greek operating companies controlled by Depa Infrastructure will be merged into a single operator with important benefits in terms of efficiency and savings.