Engie Posts FY Profit

French natural gas and electricity supplier Engie SA (ENGQF.PK,ENGIY.PK) reported that its net income group for fiscal year 2021 was 3.66 billion euros compared to a loss of 1.54 billion euros in the previous year, reflecting higher net recurring income group share and lower impairment loses.

Net recurring income, group share relating to continuing operations, rose to 2.9 billion euros from last year's 1.7 billion euros, driven by the strong increase in EBIT and recurring effective tax rate decrease from 30.5% to 29.3%.

Net recurring income Group share including EQUANS contribution amounted to 3.2 billion euros compared to 1.7 billion euros at 31 December 2020.

Annual revenue at 57.9 billion euros was up 30.6% on a gross basis and 33.1% on an organic basis.

The company said its board has reaffirmed the Group's dividend policy with a payout ratio of 65-75% of net recurring income Group share, and a floor of 0.65 euros per share for the 2021 to 2023 period.

For 2021, the Board has proposed a payout ratio of 66%. It translates to a dividend of 0.85 euros per share, which will be proposed for shareholder approval at the Annual General Meeting on the 21 April 2022.

The company expects net recurring income, group share to be in the range of 3.1 billion euros - 3.3 billion euros for 2022, net recurring income, group share of 3.2 billion euros - 3.4 billion euros for fiscal year 2023, and net recurring income, group share of 3.3 billion euros - 3.5 billion euros for fiscal year 2024.

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