The activity of ENAON EDA, the subsidiary of the Italian group Italgas in Greece, stood out in the results of Italgas for the first half of 2024, covering the largest part in terms of the development of the distribution network, i.e. 200 kilometers out of the total of 354 kilometers.
At the same time, as the managing director of Italgas, Paolo Gallo, stated during the regular conference call with analysts, the Greek portfolio maintains its leading role in the group’s overall results, contributing 60.6 million to the total EBITDA of 671.2 million euros, i.e. increased by 10.6% compared to a year ago.
Additionally, the contribution of Greek assets to the financial results of the semester was at similar levels to last year, with Gallo pointing out, in response to a similar question, that more positive results are expected during the second half of the year and the first half of 2025.
“We expect Greece to contribute more in the next half-year as there is likely to be a reduction in operating costs.”
In any case, the managing director of the Italian company clarified that the Italian “portfolio” remains the “driving force” of economic development and of the group’s activity, without, however, underestimating the prospects of activities in Greece.
However, he made it clear that we are still far from the point where Greece will be a “driver” in shaping the group’s financial results.
Investments 350 million
In a statement, Paolo Gallo said that “the results for the first half of 2024 confirm the solid performance of the Italgas group and the clear vision for the future development of its activities. (…) By making investments of more than 350 million euros, the development of the networks and facilities that will be available for a sustainable, safe and competitive ecological transition of Italy and Greece is strengthened.”
