Spanish energy Iberdrola stated on Thursday it anticipated its net revenue to grow by between 5% and 7% in 2024, leaving out capital gains, as it plans to invest 12 billion euros ($ 13 billion) throughout the year, a. new record for the company.

It added it anticipated its 2024 dividend to rise in line with. net earnings.

Executive Chairman Ignacio Sanchez Galan stated Iberdrola. would continue to invest substantially in the energy. shift, with networks and offshore wind tasks in the. United States, Germany and Britain driving development.

The business is also set to broaden its renewable capacity by. 2,000 megawatts onshore.

Shares in the company were down 0.9% on Spain's blue-chip. index at 0830 GMT.

RBC Europe expert Fernando Garcia said Iberdrola's incomes. this year were most likely to be affected by lower power rates,. It could offset the hit with growth through brand-new. financial investments and focusing on platforms or nations that offered. a better risk-adjusted return.

Iberdrola reported a net profit of 4.8 billion euros for the. complete year 2023, an 11% boost compared to 2022. The outcome was. in line with the business's assistance of double-digit development and. the agreement of analysts surveyed by Reuters.

Profits before interest, taxes, depreciation and. amortisation were 14.42 billion euros, up 9% from the previous. year.

The utility stated it would pay a proposed dividend of. 0.55 euros per share, 11% more than on the 2022 results. Investors had actually already received an interim dividend of 0.202. euros per share on Jan. 31.

In Spain, Iberdrola paid 1.7 billion euros in taxes - a 99%. increase compared to 2022 - after Madrid presented a 1.2% tax. on revenues and a revenue claw-back, both short-lived levies passed. as emergency situation steps in a bid to manage record-high market. costs.