Iberdrola's profit for the first half of 2018 increased by 22% due to grid investments in Britain, US and Brazil

Iberdrola, the Spanish utility company, announced on Wednesday that its first-half net profit rose by a whopping?22%. Its increase was attributed to higher investments in electricity networks in Britain and the United States.

The company reported that the net profit after capital gains on the sale of thermal plants in Mexico increased by 8% during the first half of the year. Earnings before interest, taxes, depreciation and amortisation also rose by 7%, to EUR8.05billion.

The company confirmed its 'full-year forecast for adjusted net profit growth above 8%, and that liquidity was EUR21.5 billion. This is enough to cover the financing needs of 22 months.

It added that the dividend per share was EUR0.685 and included EUR0.427 due on July 27.

Iberdrola reported that first-half investment rose by 25% to EUR7billion, with over 70% of total investments focused on Britain, the U.S., and Brazil. Investments in networks grew by 42%, to EUR4.4 billion. This represents nearly two-thirds (or more) of the total investment.

Iberdrola said that it had installed more than 1,6 Gigawatts during this period.

Utility also announced that it had acquired Caruna, Finland's largest electricity distribution company serving more than 20 percent of the Nordic countries' population. The deal was valued at EUR5billion.

(source: Reuters)