Italy’s Snam improves 2022 net profit guidance

Italy’s Snam improves 2022 net profit guidance

Italian gas group Snam logo is seen outside their office in Rome, Italy, June 4, 2020. REUTERS/Guglielmo Mangiapane

MILAN, July 27 (Reuters) – Italian gas grid operator Snam (SRG.MI) on Wednesday improved its guidance for full-year net profit after sales in the first half rose nearly 10% to 1.6 billion euros ($1.63 billion).

The group said it had contributed to Italy’s efforts to reduce its dependence from Russian energy by purchasing around 2 billion cubic metres of natural gas and acquiring two new floating storage and regasification units.

Snam, which runs most of Italy’s gas storage capacity, said the country’s storage was 71% full as of July 25, on track to meet the government’s winter target of 90%.

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