Engie Annual Profit Falls Despite Increased Revenue

Engie SA (ENGQF.PK,ENGIY.PK), a French energy utility firm, on Tuesday posted a decline in profit for the full year. However, the company recorded a surge in revenue.

Engie said the decline in profit is mainly due to the negative effect of the mark-to-market on commodity contracts other than trading instruments, impairment losses, the Nord Stream 2 credit loss, the provision increase for the back-end nuclear fuel of Belgian nuclear power plants, and others.

For the 12-month period to December 31, 2022, the company posted a net income of 0.2 billion euros, lesser than 3.7 billion euros, recorded for previous fiscal.

"The full-year impairment of 2.8 billion euros was mainly related to consequences of the three-year review of nuclear provisions on the assets to be recognized against the provisions for the dismantling of power plants, continuation of the coal exit program and the continuing process of disposal of non-strategic assets including Thermal assets mainly in Chile and Morocco," the company said in a statement.

EBIT stood at 9 billion euros as against 6.1 billion euros of 2021.
EBITDA moved down to 13.7 billion euros from 10.6 billion euros of previous fiscal.

The company's revenue surged to 93.9 billion euros from 57.9 billion euros of last year.

For 2022, the company will pay a dividend of 1.40 euros per share.

Looking ahead, for 2023, excluding Nuclear, the company expects EBIT of 6.6 billion euros - 7.6 billion euros.

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