Saras targets 1GW installed capacity from renewables by 2028 after solid quarter
10/05/2023 14:54
May 10 (Reuters) - Italian refiner Saras SRS.MI posted
a jump in core profit for the first quarter of the year on
Wednesday and said it expects to expand energy generation from
renewable sources.
The company's shares turned positive after the announcement
to stand as much as 6.2% higher on the day.
The group said it would target 1 gigawatt (GW) of installed
capacity from renewable sources by 2028, accelerating its
transition to a sustainable energy business.
Saras booked 246.4 million euros ($271.24 million) in
reported adjusted earnings before interest, taxes, depreciation
and amortisation (EBITDA) in the three months to end-March, up
from 156.3 million in the same period of 2022.
It attributed the rise to a sharp increase in diesel and
gasoline refining margins.
($1 = 0.9084 euros)
(Reporting by Federica Urso, editing by Kirsten Donovan)
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