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Italy's Snam bumps up guidance after full-year profits rise

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·1-min read
Italian gas group Snam logo is seen outside their office in Rome
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MILAN (Reuters) - Italian gas company Snam bumped up its 2021 guidance after earnings last year rose despite the health emergency, lifted by new lines of business and cost savings.

Europe's biggest gas pipeline company said on Thursday it expected its adjusted net profit this year to be around 1.17 billion euros ($1.4 billion) from a previous estimate of 1.13 billion euros.

Last year adjusted net income rose 6.5% on the year to 1.164 billion euros. It stuck to a pledge to raise its dividend by 5% to 0.2495 euros per share.

Snam, which makes most of its revenue from its regulated gas transport business in Italy, is planning to spend more money on new green business lines such as hydrogen.

(Reporting by Stephen Jewkes; editing by Agnieszka Flak)