The Djplomat
Red Eléctrica Group posted a net profit of 680.62 million euros in 2021, an increase of 9.57% over the previous year, driven by the good performance of the satellite business following the integration by Hispasat of the managed video services business in Latin America, reports Europa Press.
The company’s gross operating profit (Ebitda) stood at 1,498.6 million euros at the end of 2021, 4.5% lower than the previous year.
The income of the group chaired by Beatriz Corredor, which includes turnover and the share in the profits of companies valued by the equity method, amounted to 1,982.5 million euros last year, 1.6% lower than that recorded in the previous year.
The result was affected by the decline in revenues from the regulated business in Spain -due to the application of the announced remuneration adjustments- which was partly offset by an 18.7% increase in revenues from the satellite business and the improved contribution from the Brazilian company Argo.
Investments related to the management and operation of electricity infrastructures in Spain amounted to Euro 425.8 million, 5.1% more than in the previous year.
Of particular note was the launch of work related to storage in the Canary Islands and the good progress of the Ibiza-Formentera interconnection in the Balearic Islands.
In the field of telecommunications, 73.2 million euros were invested in the satellite business, 81.5% of which corresponds to the manufacture of the Amazonas Nexus satellite. Investment in the fibre optic business amounted to 1.6 million euros, in line with the previous year.
With regard to investment in the management and operation of electricity infrastructures in the international sphere, the company reached 44.5 million euros, 80% of which was allocated to the Redenor and Redenor 2 projects in Chile and the rest to the development of the Tesur 4 project in Peru.
Last year, Red Eléctrica sold 49% of Reintel’s share capital to the KKR fund for 971 million euros, which values the Group’s fibre optic subsidiary at 2,300 million euros.
