Iberdrola H1 2019 results

Iberdrola SA reported a significant 64% increase in net profit for the first half of 2024, reaching EUR 4.13 billion, primarily due to the sale of power plants in Mexico which contributed EUR 1.7 billion to profits. Despite this, the company's revenue fell 13.8% to EUR 22.6 billion amid declining oil prices. The utility's EBITDA rose 27.2% to EUR 9.61 billion, with a 9% increase in core earnings when excluding one-off impacts. Iberdrola has raised its 2024 profit outlook for the second time this year, predicting double-digit growth driven by investments in data centers, power grids, and renewable energy projects. The company is also focusing on expanding its renewable energy capacity, particularly through hydroelectric and wind sources. Overall, Iberdrola's strong operational performance reflects its strategic shift towards enhancing its grid infrastructure and renewable energy capabilities.