MILAN (Reuters) – Italy’s Snam confirmed guidance for this year after reporting a 4.6% rise in 2021 profits to beat targets thanks to higher revenues from its regulated gas infrastructure business.
Europe’s biggest gas pipeline group said it expects an adjusted net profit of around 1.1 billion euros ($1.2 billion)this year compared to 1.2 billion euros last year when investments rose 6.8%.
Snam, which makes most of its revenue from gas transport, manages some 33,000 km of pipeline in Italy. It has stakes in key pipelines bringing Algerian and Azeri gas to Italy as well as the TAG pipeline that transports Russian gas.
The group, which has no ventures with Russian companies, said that flows from Russia had so far been regular.
“We have been working together with the European and domestic institutions as well as with the regulatory authority to contribute to current efforts aimed at further implementing storage and regasification capacity,” Snam CEO Marco Alvera said.
Russia supplies Italy with around 40% of its gas imports and Rome has been scrambling to find alternative supplies since Russia invaded Ukraine.
Snam runs most of Italy’s gas storage capacity and also operates liquefied natural gas assets.
The group, whose main shareholder is state lender CDP, confirmed it would pay a dividend on last year’s results of 0.262 euros per share.
($1 = 0.9057 euros)
(Reporting by Stephen Jewkes; editing by Agnieszka Flak)
