Canal de Isabel II will pay a dividend of 61.7 euros and gives entry to a municipality in its shareholding

Freezes water rates for the eighth consecutive year and expands its council to 15 members.

Canal de Isabel II will pay a dividend of 61.7 euros and gives entry to a municipality in its shareholding

Freezes water rates for the eighth consecutive year and expands its council to 15 members


The board of directors of Canal de Isabel II has approved the distribution of an interim dividend of 61.7 euros, charged to the 2022 budget year, the company reported this Thursday.

Dividends from this public company will be received by the public entity Canal de Isabel II, which holds 82.4% of the shares; by the Madrid City Council, which has 10%, and by another 110 Madrid city councils, which have a global 7.6% of the company.

On the other hand, the council of Canal de Isabel II has approved the agreement for the comprehensive management of the distribution and sewerage services in Moralzarzal, which will mean its incorporation into the company's shareholders.

It is the first municipality that accesses it since 2012 and investments are planned for an amount of 8.3 million for the adaptation to regulations of its supply pipes.

For its part, the general meeting of shareholders of the public company has approved the modification of its bylaws, with the expansion of its board to 15 members.

In addition, among the changes introduced is the declaration as its own medium approved by the Governing Council of the Community of Madrid, and which implies adding the initials M.P. to the company name.

The company has explained that this declaration of its own means is to provide solely and exclusively telecommunications services and digital 'trunking', radio and mobile communications system for a closed group of users.

"The financial and economic solvency of the public company and the existence of sufficient liquidity, as established by the Capital Companies Act, have made it possible to adopt this agreement," the company highlighted.

The Canal de Isabel II board has also approved the public company's budget for 2023, with an estimated turnover of 888 million euros, practically the same as that forecast for 2022.

In addition, this year will be the eighth consecutive year in which water rates remain frozen. In 2014 and 2015 they fell, so the public company has not raised them for ten years.

Within the company's budget, the one allocated to investments stands out, which reaches a record figure and stands at 403 million euros to undertake strategic projects such as the 'Smart Water' project for the remote reading of meters; the Red plan for the renovation and modernization of 1,200 kilometers of pipelines; the generation of renewable energy and the installation of floating photovoltaic panels.

"Canal de Isabel II not only has the great responsibility of guaranteeing the water supply to nearly 7 million Madrid residents, but it is also called upon to continue playing a fundamental role in the future in the transition towards a sustainable and competitive economy ", highlighted the president of the public company and Minister of the Environment, Housing and Agriculture, Paloma Martín.

In addition, approval has been given to the adhesion agreement of the Cubas de la Sagra city council to the Sanea Plan, which will allow 8 actions to be carried out to increase the efficiency and sustainability of the municipal sewerage network.

Thanks to this agreement, Canal will undertake the renewal of 4.6 kilometers of sewerage networks, which will mean an investment of approximately 3.75 million euros. With Cubas de la Sagra there are already 33 municipalities adhered to the Sanea Plan.

This means that investments worth 374 million euros have already been committed to date, which will make it possible to carry out 569 actions to renew 293 kilometers of municipal sewerage networks.