EDP sees net profit decline 18% in 2021 but maintains €0.19 dividend
The company said that results were penalised "by non-recurring effects of €169 million in 2021, including impairments associated to the portfolio of thermal power plants in the Iberian market."
EDP’s profit fell 18% to €657 million in 2021. Despite the negative results, the board of directors led by Miguel Stilwell d’Andrade will maintain the dividend of €0.19 per share. In other words, it will distribute over €750 million to shareholders.
In a note to the Portuguese Securities Market Commission (CMVM), the company said that results were penalised “by non-recurring effects of €169 million in 2021, including impairments associated to the portfolio of thermal power plants in the Iberian market.”
Excluding these impacts, recurring net income grew 6% to €826 million, supported by the positive performance of the global renewables business, the integration of Viesgo in Spain and growth in electricity grid operations in Brazil.
On the other hand, it says, “EDP’s performance in 2021 was penalised by rising energy prices on international wholesale markets, and below-average hydro resources in the Iberian Peninsula.”
“The Board of Directors will propose to the General Shareholders Meeting, a dividend for the year 2021 of €0.19 per share, in line with the previous year, as well as with the dividend policy established in the strategic plan 2021-2025,” reads the statement.
