French energy provider Engie SA (ENGQF.PK, ENGIY.PK) reported Thursday significantly higher profit in fiscal 2024, despite weak revenues, and proposed a dividend. Further, the firm upgraded outlook for fiscal 2025 and fiscal 2026, and said it sees growth in fiscal 2027.
For fiscal 2024, net income Group share surged 85.9 percent to 4.11 billion euros from last year's 2.21 billion euros. Earnings per share climbed to 1.65 euros from 0.88 euro a year ago.
Net recurring income Group share grew 3.1 percent to 5.5 billion euros from last year's 5.4 billion euros.
EBIT, excluding Nuclear, was 8.9 billion euros, down 6.2 percent on a gross basis and 5.6 percent on an organic basis. EBITDA, excluding Nuclear, of 13.4 billion euros dropped 2.5 percent on a gross basis and 2.0 percent on an organic basis.
Meanwhile, revenues for the year fell 10.6 percent to 73.81 billion euros from prior year's 82.57 billion euros. Revenues were down 10.7 percent on an organic basis.
Further, for 2024, the Board has proposed a payout ratio of 65 percent of net recurring income Group share. This translates to a dividend of 1.48 euros per share, which will be proposed for shareholder approval at the Annual General Meeting on April 24.
Looking ahead, ENGIE upgraded its net recurring income Group share target for 2025 to a range of 4.4 billion euros to 5.0 billion euros, compared to the previous range of 3.9 billion euros to 4.5 billion euros.
EBIT excluding Nuclear is now expected to be within an indicative range of 8.0 billion euros to 9.0 billion euros, compared to the previous range of 7.9 billion euros to 8.9 billion euros.
The outlook revision reflects reduced volatility and lower energy prices, and a better-than-expected net recurring financial result for the full-year 2024.
Further, for fiscal 2026, the company now projects net recurring income Group share in a range of 4.2 billion euros to 4.8 billion euros, compared to the previous range of 3.7 billion euros to 4.3 billion euros.
EBIT excluding Nuclear is still expected to be within a range of 8.2 billion euros to 9.2 billion euros.
Following the significant reduction in the contribution of nuclear activity in 2026, the Group anticipates growth in its net recurring income Group share in 2027, reaching a range of 4.4 billion euros to 5.0 billion euros, and EBIT excluding Nuclear in a range of 9 billion euros to 10 billion euros.
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